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Investment Summary

Galveston Tech Center was purchased via a Joint Venture with Wexford Development in November, 2016.  The property is a 2001-vintage multi-tenant office “flex” property comprised of 75,000 rentable square feet in the rapidly growing Chandler submarket of Phoenix, Arizona which is 92% occupied.  The property is occupied by four tenants: Qorvo, CVS Omnicare, Zounds and Native Grill and Wings. Phoenix and the area in which Galveston Tech Center is located possess a highly educated pool of employees due, in part, to proximity to Arizona State University, the largest university in the U.S. and which features a robust tech program and invests heavily in research, being ranked among the top 20 universities for research expenditures. Chandler has become the epicenter for the microchip industry in the Southwest, with Intel being the largest employer in the market at over 11,000 employees.