Sunstate Bank Plaza, located at 1727 North Arizona Avenue in Chandler, sold for $1,610,000 at $85.57/SF. This flex building is a mix of retail, office, and industrial, totaling 18,818 rentable square feet. Situated on approximately 1.79 acres, the property was constructed in 1979 and renovated in 2001. The building was 85% occupied at close of escrow. With excellent frontage on Arizona Avenue, the property has over 43,400 vehicles passing per day. It is located just south of the southeast corner of Arizona Avenue and Warner Road, at a highly trafficked intersection.
The Buyer was locally-based InSaf Investments, LLC. The Sellers were Tamar and Laura Totah out of California. Gary Maitha, CCIM of ORION Investment Real Estate said of the sale, “The acquisition of the Sunstate Bank Plaza was an ideal transaction for the Buyer’s investment model. The property was generating enough cash flow for the model, with a realistic value-add component due to its strategic location in the East Valley. The buyer plans to increase the occupancy rate and raise the rental rates over time.” Maitha represented the Buyer and Darin Edwards at CPI represented the Seller in this transaction.