Solar installation company buys industrial space in Chandler
Newmark Grubb Knight Frank (NGKF) announced the sale of 3225 North Colorado Street in Chandler to Sun Valley Solar Solutions. The solar panel installation company purchased the 26,815-square-foot, free-standing industrial building and accompanying 3.3 acres from Washington Street Enterprises Arizona, L.L.C. for $2.7 million or $100.00/square foot. Sun Valley Solar Solutions was represented by NGKF’s Associate Director Tricia Gumulka.
“Sun Valley is experiencing rapid growth, with year-over-year revenue forecasted to grow by 60% this year,” remarked Russ Patzer, CEO of locally-owned Sun Valley Solar Solutions. “We needed a new location, and wanted to combine our current facilities under one roof, leveraging our brand while accommodating future growth. We are fortunate to have found 3225 N. Colorado, with its ideal situation close to our former Chandler location, attractive façade and layout, and 32’ clear height.” Built in 1996, the stand-alone industrial facility offers office, warehouse and showroom space along with a fenced 1.23- acre yard with storage. Sun Valley is improving the property and has an aggressive renovation time-line, in preparation for a May move-in. The Arizona-based company currently has 85 full-time employees, and continues to expand.
“3225 N. Colorado is an extremely unique opportunity given its age, size, acreage, and location within the thriving Chandler submarket,” commented Tricia Gumulka, associate director at NGKF. “Sun Valley instantly found value in all of the existing improvements.” Vacancy in the Chandler submarket is very low – at just 10.3%, with limited options for companies looking to expand.
Sun Valley’s decision to purchase a new facility was not a spur-of-the-moment one. NGKF and Sun Valley have a four-year working relationship, having completed several smaller deals as the company grew. NGKF added value to Sun Valley by working closely with the company to analyze its current and future requirements, identifying the ideal option, and negotiating tenaciously on behalf of the tenant. Jerry McCormick of CBRE represented the seller in the sale transaction.