Property Sold for a Record-Breaking Price

Chandler, AZ —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed a $5,200,000 sale of a freestanding single-tenant industrial building at 590 E Pecos Rd, Chandler, AZ. Senior Associates Erik Manarino and John Stroud completed the transaction.

 

The 12,000-square-foot building located on 2.76 acres is a scarce product type in a dense and populated submarket with high entry barriers, low vacancy, and rising lease rates. It is optimally located just off the Loop 202 freeway, traverses the Southeast Valley, and provides access to vast labor pools throughout metro Phoenix. The property is 25 minutes from Sky Harbor International Airport and 20 minutes from Phoenix-Mesa Gateway Airport.

 

“Through the seamless transaction, Matthews™ was able to complete a 1031 exchange for the seller into an asset that produced greater cash flow as 590 E Pecos had an expiring lease,” said Manarino.

 

The buyer was sourced utilizing the Matthews™ database. The property went on to sell for the highest comparable price in the surrounding area in an owner-user sale.

 

“We were able to achieve an extremely high price per square foot and price per acre,” said Stroud. “It was a pleasure working with the Sunbelt Rentals team on this acquisition, and hope to be able to assist them again in the near future.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.