Jordan Fouse hit a 3 and Carrington Love made a jumper and Green Bay led 68-62 with 3:49 to play. The Rockets' Jonathan Williams made another 3-pointer, and Nathan Boothe converted a 3-point play with 1:29 remaining.
Khalil Small forced a turnover but missed a 3-point attempt for the Phoenix with 13 seconds left to set up Sanford's game-winner.
Boothe scored 27 points on 11-of-14 shooting, and had nine rebounds with three steals to lead Toledo (6-2). Williams matched a career-high with 26 points.
Fouse had 15 points, 13 rebounds and five steals for Green Bay (4-4). Love finished with 11 points.
Boothe made a jumper to give the Rockets their largest lead of the second half, 51-43. A 9-0 surge gave the Phoenix a 53-51 lead with 11:23 left.