Press Releases
Marcus & Millichap Arranges $4.13 Million Land Sale for Planned Hotel in Phoenix
August 27, 2026
PHOENIX, Aug. 27, 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 2.28-acre development site in north Phoenix for $4.125 million.
“This acquisition gives Caliber a strategically located site near one of the most significant employment and development corridors in the Phoenix metropolitan area,” said Michael Farrar, associate director investments. “TSMC's continued expansion is driving substantial activity in north Phoenix, creating opportunities for new hospitality and commercial development to serve the area's growing workforce.”
Farrar and Art Rullo, investment specialists in Marcus & Millichap's Phoenix office, represented the buyer, Caliber, in the acquisition from Sonoran Desert Retail LLC.
The 2.28-acre property is located at 2800 W. Sonoran Desert Drive, near 29th Avenue and adjacent to TSMC's north Phoenix campus.
“This acquisition gives Caliber a strategically located site near one of the most significant employment and development corridors in the Phoenix metropolitan area,” said Michael Farrar, associate director investments. “TSMC's continued expansion is driving substantial activity in north Phoenix, creating opportunities for new hospitality and commercial development to serve the area's growing workforce.”
Farrar and Art Rullo, investment specialists in Marcus & Millichap's Phoenix office, represented the buyer, Caliber, in the acquisition from Sonoran Desert Retail LLC.
The 2.28-acre property is located at 2800 W. Sonoran Desert Drive, near 29th Avenue and adjacent to TSMC's north Phoenix campus.
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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.
