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CHANDLER, AZ-A developer of restaurant and for-profit education facilities has sold a 14,995-sf building, leased to Tutor Time, to a California investor for $5.48 million.

Located at 2050 W. Ray Rd., the single-tenant building, situated on two acres, was completed in 2004. Tutor Time, operating under the business name Capital Academic Charter School Systems of Phoenix, signed a 22-year lease in March 2005, says Jamie Medress of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix.

The property was listed on the market for two weeks for $5.5 million when the buyer, the Candice Brown Trust of Villa Park, CA, stepped forward with the strongest offer, beating out three other contenders. “These buyers were in a 1031 exchange. They had quick time frames and were willing to see the property,” he tells GlobeSt.com, adding they also had a strong down payment and sound loan.

Medress partnered with Marcus & Millichap broker Steve Gonzalez to represent the seller, Tutor Chandler Group LLC of San Diego. Rick Gill with Collins Commercial Real Estate and Investments of Newport Beach, CA negotiated on the buyer’s behalf.

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