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.

Industry veteran Sue Sylvester to pursue new opportunities in unprecedented market

PHOENIX, ARIZONA – Leading national general contractor Graycor Construction Company has hired industry veteran Sue Sylvester as Business Development Manager, responsible for identifying and pursuing new business opportunities across the Southwest region.

Sylvester joins a leadership team that includes Graycor Construction Company’s President Tim Hanifin, Southwest Division Operations Manager Rusty Martin and Construction Manager Geovanni Villalta. This combination of national and regional expertise brings the full scope of Graycor’s manufacturing, industrial, office, hospitality and retail capabilities to Arizona and the region.

“Sue understands the sectors driving our economic future and takes an approach that optimizes creativity and strategy in pursuing those opportunities,” said Hanifin. “Leveraging her 25-plus years of experience in the Valley, Sue brings a wealth of local relationships and knowledge in a variety of markets and product types to our Phoenix-based team. We look forward to the successes we will achieve together as we continue to evolve and grow our Southwest footprint.”

Since the establishment of its Southwest Division office, Graycor has developed millions of square feet across the region. This includes landmark projects such as the 1.2 million-square-foot G303 industrial development and build-out of this manufacturing facility for MLILY in Glendale, Arizona; multiple buildings at Gilbert Spectrum, including two award-winning Class A office projects for satellite developer Northrop Grumman, in Gilbert, Arizona; multiple light industrial buildings at the airport-fronting Skybridge project at Phoenix-Mesa Gateway Airport in Mesa, Arizona; and the award-winning Camelback Collective, featuring a Class A office building and boutique AC Marriott Hotel in the heart of metro Phoenix’s Camelback Corridor.

In 2021, Graycor Inc. celebrated its 100^th anniversary. A third-generation, family-owned and operated company, it has 10 offices nationwide, more than 50,000 projects in its portfolio and has performed more than one million man-hours with zero recordable injuries over the course of its time in business.

Sylvester holds a Bachelor of Science degree from Arizona State University and studied Business Strategies for the Environment through the Executive Program at Stanford University. She co-founded the Arizona Chapter of the U.S. Green Building Council and the Business Development Guild, and holds LEED accreditation and a Professional Business Developer certification from these organizations, respectively. Sylvester is also past President of the A4LE Arizona Chapter and is actively involved in the Greater Phoenix Economic Council and Valley Partnership Community Project.

Newly Constructed Tucson Center Offers Investor Full Occupancy

TUCSON, ARIZONA – A California investor has purchased a two-tenant property within Rio Verde Village in Tucson for a price of $4.75 million. The Class-A property, located at 5590 E. River Rd., is newly constructed and fully leased.

This property provides the buyer with two durable, high-quality, long-term tenants,” says Mindy Korth, executive vice president with Colliers in Arizona. “The project is located in a dynamic area of northeast Tucson at the key intersection of River Road and Craycroft Road that has recently attracted more than 25 acres of new developments including new multi-family projects, retail and restaurant facilities, among other projects.”

Korth and Todd Noel with Colliers in Arizona handled marketing and seller representation for the property. The original developer, 5590 E River Plaza, LLC of Tucson, sold the property to a private investor in California. The buyer was represented by Chris Crabtree of Lee & Associates. The property sold for a price of $742/square foot with a 4.76 percent cap rate.

This 6,400-square-foot retail property was constructed in 2021, and is fully leased by Wells Fargo Bank and ImmediateCare Arizona on long-term leases, and contains all new state-of-the-art tenant improvements. The thoughtfully designed project offers modern architecture and complementary design features throughout its interior and exterior spaces. The building is situated on nearly an acre of land.

To learn more, see RED Comp #9794.