Dave Newquist with the Phoenix office of CB Richard Ellis Inc. represented the buyer. Mark Bramlett of Grubb & Ellis Co.'s Phoenix office negotiated the deal for seller, Anxon Development. Details about the deal were not available by press time.
The parcel is part of a busy corner that already includes a Walgreens and a Jack-in-the-Box. Chicago-based Ace Hardware has more than 60 Arizona locations and 5,100 plus worldwide. Ace Hardware stores are franchised, with costs ranging from $825,000 to $1.6 million depending on the store. Typical upfront costs run between $150,000 and $250,000 in cash.
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