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August 26, 2019
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AZ Single-Tenant Retail Property Goes for $2 Mil


Hobby Action at Chandler Pavilions II, a 20.9k sf, single-tenant retail building within the Chandler Pavilions II retail center in Chandler, AZ, sold for $1.9 mil ($91/sf). The property is located at 865 N. 54th St, off the I-10 Fwy.

At the time of sale, the property was 100% leased. It is surrounded by national and local retailers including Potato Barn, Bounce A Rama, Pei Wei, Zoe’s Kitchen, Nekter, Ulta Beauty and Sur La Table.

Chris Hollenbeck and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, MDI 54 LLC of Encino. The buyer was Chandler Pavilions LLC, out of Chandler. According to Hollenbeck, the sale was part of the seller’s breakup strategy for the disposition of Chandler Pavilions II, and now planning to take to market the outer parcel, in front of Hobby Action, which includes Starbucks, Subway, and Rumbi as tenants.

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