“This offering presented an opportunity to acquire a class A office development with robust occupancy and stable cash flow in Chandler, a major innovation and tech hub and one of the most sought-after markets in the greater Phoenix area,” Wichterman said in a statement. “The project provides high-quality office space to small and midsized tenants, who have far fewer options in Chandler than large tenants.”

The fourth quarter of 2020 has brought some of the largest office sales of the year, though, activity had significantly slowed earlier in the year amid the Covid-19 pandemic. In the largest office transaction to date, Grand2, one of Arizona’s biggest buildings to be developed speculatively, was sold for $187.5 million in November. That building was purchased by Philadelphia-based Apex Capital Investments Corp. and was the firm’s first Arizona office investment.

Another Los Angeles-based investor, Mapleton Investments, bought the headquarters for ASM America, a supplier of semiconductor process equipment for $27 million in late December. That building houses a research and development facility near Sky Harbor International Airport.