Developer Pays $6.1M for Downtown Chandler Site

Article originally posted on HERE on August 4, 2022
Developer
The buyer of two old buildings at Arizona Avenue and Frye Road has razed one and gutted the other as it develops a single structure that already has two tenants with room for two more. (Prime Commercial Advisors/Submitted)

Two downtown Chandler buildings that sold for $6.1 million earlier this month will be giving away to a mini-mall.

Beeline Shops LLC, a subsidiary of Scottsdale-based Southwest Retail, bought the buildings at 315 and 325 S. Arizona Ave. at Frye Road, according to Valley real estate tracker vizzda.com.

One of the buildings already has been razed and the other is gutted.

Once construction is completed, a building totaling 6,400 square feet on less than an acre of land will have room for two more retail establishments in addition to two prospective tenants the owners already have secured.

Black Rock Coffee Bar and El Taco Santo already will be located in the new structure, according to vizzda and marketing materials it included in its report.

The sale broke down to $953 per square foot, vizzda reported.

Vizzda reported that  Southwest Retail Group obtained a $2.9 million mortgage as part of the overall deal.

Prime Commercial Advisors’ marketing brochure is touting the property’s location to Chandler City Hall and 15,000 daytime workers with jobs within a mile of the site.

Southwest Realty Group is a real estate brokerage that provides a variety of services, including development. According to its website, it has developed over six million square feet of office and commercial space in seven states since its formation in 1987.

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