Jim Elterman of SP Plaza Associates LLC of Denver is the seller of the 64,609-sf retail and office combo. Details of the Maricopa County transaction were unavailable by press time.
Steve Schnitzer of Coldwell Banker Commercial represented the buyer at the bargaining table. David Illsley and Cheryl Lennon, both of Marcus & Millichap's Phoenix office, handled talks for the seller.
Arizona's "Silicon Desert," as some like to call Chandler, is one of the fastest-growing urban centers in the nation. Retail sales have been good this year from one end of metro Phoenix to the other. Retail property sales are up an average of 4%, according to Marcus & Millichap's latest report. "Lower interest rates and a struggling office market turned investors' interest toward the perceived safety of retail," says the report.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.