Fully Leased Retail Building Sells for $2.8M

CHANDLER, AZ-An 11,363-sf, fully leased retail building, part of a 140,000-sf, mixed-use complex that is home to the Valley’s first Nick & Willy’s, has been sold for $2.8 million to a local development firm.

Lippow Development Co. purchased Building 3 in the Chandler Business Center in a deal that left seller CFH Millenium Inc., with ownership of a remaining retail complex and an industrial and office building. Matt Milinovich of Phoenix office for Dallas-based Trammel Crow Co. tells GlobeSt.com that the attractiveness of the 6140 W. Chandler Blvd. building coupled with the strong tenancy made for a sweet deal.

Constructed in early last year, the building was leased by June to Starbucks, Subway, China Lite and Copy Club. Nick & Willy’s, a chain of take-and-bake pizza stores, also located its first Valley store at the site, Milinovich said.

The single-story retail and industrial office buildings owned by CFH Millenium are vacant, but are expected to be fully leased within the next few months, Milinovich said. He and Mike Kumelski of Trammell Crow assisted the seller in the transaction. Jamie Medress and David Guido, both of Marcus & Millichap in Phoenix, represented the buyer.