Marcus & Millichap Arranges $4.13 Million Land Sale for Planned Hotel in Phoenix

PHOENIX, (Aug. 28, 2026) — Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 2.28-acre development site in north Phoenix for $4.125 million.

“This acquisition gives Caliber a strategically located site near one of the most significant employment and development corridors in the Phoenix metropolitan area,” said Michael Farrar, associate director investments. “TSMC’s continued expansion is driving substantial activity in north Phoenix, creating opportunities for new hospitality and commercial development to serve the area’s growing workforce.”

Farrar and Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office, represented the buyer, Caliber, in the acquisition from Sonoran Desert Retail LLC.