Press Releases
Marcus & Millichap Arranges $2.85 Million Sale of Phoenix Industrial Facility Used for Lens Manufacturing
May 20, 2026
PHOENIX, May 20, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 13,400-square-foot industrial warehouse property near Phoenix Sky Harbor International Airport for $2.85 million.
“During the escrow period, the parties successfully negotiated a new 10-year lease extension with the tenant, transforming the asset into a long-term, stabilized net lease investment for the buyer,” said Jonathan Schulman, associate investments. “The tenant operates one of the world’s largest optics laboratory and retail platforms and utilizes the property as a mission-critical facility for lens cutting and manufacturing.”
Schulman, Tivon Moffitt and Peter Bauman of Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a California-based private investor repositioning capital back into its home state, and procured the buyer, a Phoenix-based private investor completing a 1031 exchange from Chicago into Phoenix.
Built in 1994, the industrial warehouse property located at 3711 E. Atlanta Ave. sits on approximately 0.71 acres in Phoenix’s Sky Harbor industrial submarket. A newly executed 10-year lease will commence in August 2026, and the buyer plans to complete targeted capital improvements to support the tenant’s long-term operations.
“During the escrow period, the parties successfully negotiated a new 10-year lease extension with the tenant, transforming the asset into a long-term, stabilized net lease investment for the buyer,” said Jonathan Schulman, associate investments. “The tenant operates one of the world’s largest optics laboratory and retail platforms and utilizes the property as a mission-critical facility for lens cutting and manufacturing.”
Schulman, Tivon Moffitt and Peter Bauman of Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a California-based private investor repositioning capital back into its home state, and procured the buyer, a Phoenix-based private investor completing a 1031 exchange from Chicago into Phoenix.
Built in 1994, the industrial warehouse property located at 3711 E. Atlanta Ave. sits on approximately 0.71 acres in Phoenix’s Sky Harbor industrial submarket. A newly executed 10-year lease will commence in August 2026, and the buyer plans to complete targeted capital improvements to support the tenant’s long-term operations.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
