CHANDLER, Arizona – 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 Firestone / Top Tech, a 12,500-square foot retail property located in Chandler, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,050,000 ($164 PSF).
Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The transaction was a rare chance for the buyer to purchase an asset in Downtown Chandler’s opportunity zone. The asset holds strong potential for future redevelopment due to existing leases remaining short-term and below market rent.
Built in 1986, the subject property is based in an existing auto repair complex as two single-tenant buildings, currently leased to Arizona Firestone and Top tech. The asset is located at 320 South Arizona Avenue at the heart of Downtown Chandler, part of the Phoenix MSA. The asset is easily accessible to 320,334 residents within a five-mile radius an with an average household income exceeding $117,000 annually. Adjacent to the City of Chandler’s City Hall and other municipal buildings hosting over 17,000 daytime employees within a one-mile radius. The subject property is accessible, less than one mile north of the Loop 202 Santan Freeway and three miles east of the Loop 101 Freeway.