Tag Archives: marcus millichap

Tomball

CBRE Capital Markets Debt Team completes two transactions

Walgreen’s drug store in Smithtown, New York
CBRE’s Capital Markets Debt and Structured Finance team has arranged $7.8 million in acquisition financing for a triple-net-leased Walgreen’s drug store in Smithtown, New York. The asset commanded a sale price of $10.4 million.

Geoffrey Harris of CBRE’s Phoenix office arranged a 75% LTV bank loan, 10-year fixed at 4.08% with a 30-year amortization, and non-recourse. The property was exclusively listed and sold by Simon Jonna and Raymond Jonna with Marcus & Millichap in Southfield, Michigan.

“This trophy, newer-construction Walgreens is situated along the exclusive North Shore of Long Island in Smithtown, New York. The tenant occupies a 14,560-square foot prototype freestanding building located on a prime corner with a drive through pharmacy,” said Mr. Harris. “Due to the populous demographic and exceptional exposure on Main Street USA, the strong store sales for this location showcase the highest range for Walgreens Corp. anywhere in the nation, reflecting nearly three times that of the average Walgreens. This pride of ownership site ensures dedicated longevity for decades to come.”

The asset is located at 10 West Main Street in Smithtown (Long Island), New York and was built in 2006. Since its completion, the property has been home to a corporate Walgreens store. At time of sale Walgreens had 16 years remaining on its lease.

Headquartered in the greater Chicago, Illinois area, Walgreens is the largest retail drug store chain in the United States. The company operates more than 8,000 stores across the United States, including Puerto Rico and the U.S. Virgin Islands.

Veterans Affairs outpatient clinic in Tomball, Texas
CBRE’s Capital Markets Debt and Structured Finance team has arranged an $8.2 million loan in the refinancing of a Veterans Affairs outpatient clinic in Tomball, Texas.

Geoffrey Harris of CBRE’s Phoenix office arranged the 10-year, fixed-rate loan through one of CBRE’s Life Insurance Company correspondents at 3.49% with 7 years I/O and thereafter a 25-year amortization.

“The subject investment is the rare opportunity to own a property operated by the US Department of Veterans Affairs, guaranteed by the AA+ Credit Rating (S&P) of the United States Government,” said Mr. Harris. “The property is subject to a 20-year flat triple net lease with no outs. This VA Medical Center and Clinic is located at 1200 W Main Street in Tomball, Texas.”

The subject property was originally built in 1971. It underwent significant renovation in 2013 and the VA outpatient clinic opened in July the same year. The Tomball area is home to more than

Cabana on Seventh

Cabana apartments in Tempe trades hands at $5 million

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Cabana on Seventh, a 74-unit apartment property in north central Phoenix. The $5 million sales price equates to $67,568 per unit.

Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, and associate Trevor Hardy, represented the seller and procured the buyer.

“New, trendy restaurants and hip eateries are flocking to this gentrifying area,” says Gebing. “Home values in neighborhoods surrounding the property are climbing faster than in almost all other parts of the Valley, widening the affordability gap between the cost of single-family housing and rental housing, making Cabana on Seventh a prime candidate for a deep exterior and interior renovation program.”

Built in 1972 on 2.16 acres, the two-story property is located at 5615 North 7th Street in Phoenix. Community amenities include a swimming pool, fitness center, picnic area, Internet access and laundry facilities.

National League of Cities Gathering

Second quarter 2015 brokerage reports

With the closing of the second quarter and first half of 2015, brokerages around the Valley provided their numbers and predictions for the last and next six months in various commercial sectors.

Q2 OFFICE REPORTS
Cushman & Wakefield
CBRE
C&W|PICOR
Marcus & Millichap
DTZ
Colliers (Office)

Colliers (Medical Office)
JLL

Q2 INDUSTRIAL REPORTS
C&W|PICOR
CBRE
Cushman & Wakefield

Q2 RETAIL REPORTS
Colliers International
C&W|PICOR
CBRE

Q2 MULTIFAMILY REPORTS
Colliers Greater Phoenix
Colliers Tucson
C&W|PICOR
ABI Multifamily

Q2 CAPITAL INVESTMENTS REPORTS
Colliers Greater Phoenix

123rf.com: Sergey Nivens

Marcus & Millichap elects executive vice president investments

GetFileAttachment-1Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has named Peter Katz an executive vice president investments, according to John J. Kerin, president and chief executive officer, and Don Morrow, regional manager of the firm’s Phoenix office. Most recently Katz held the position of senior vice president investments.

“Peter has been a premier institutional student housing and multifamily investment professional for nearly two and a half decades,” says Kerin. “He has been instrumental in the growth and branding of the credibility in the Institutional Property Advisors (IPA) Student Housing group on a national basis, and within the firm’s IPA division in general. He continues to deliver quality advisory services in the sector and provides certainty of execution for institutional equity and sponsors throughout the industry. For his leadership, thorough understanding of the institutional student housing and multifamily property sectors and dedication to providing excellent client service, Peter has earned this distinct honor.”

Peter joined Marcus & Millichap in 1991 as an agent in the Phoenix office. He was elected to the position of vice president investments in 1999 and promoted to the prestigious position of senior vice president investments in 2008. Peter specializes in institutional multifamily and student housing property investments. He serves as both an executive director of IPA and as a senior director of the National Multi Housing Group.

123rf.com: feverpitched

Marcus & Millichap sells Phoenix apartments for $3M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tidewood, a 49-unit apartment community located in Phoenix, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,000,000.

Trevor Hardy, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was also secured and represented by Trevor Hardy.

Tidewood is located at 4021 & 4025 North 40th Street in Phoenix, AZ.

hampton

Hampton Inn & Suites in Yuma sold for $7.4M

Marcus & Millichap has announced the sale of Hampton Inn & Suites Yuma, a 90-room hospitality property located in Yuma, Ariz., according to Kevin W. Boeve, vice president and regional manager of the firm’s Ontario office. The asset sold for $7,400,000.

Aseem Tandon, a director of the National Hospitality Group in Marcus & Millichap’s Ontario office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also sourced by Tandon.

“This was Aseem’s second significant closing in the city of Yuma in less than a year.  The transaction required a major PIP renovation and the buyer was under a 1031 exchange deadline. His understanding of this asset, the local and regional market, and his 10 years of experience in hospitality investments helped all parties involved,” notes Gregory A. LaBerge, national director of Marcus & Millichap’s National Hospitality Group. “Aseem assisted the seller by reaching the goal of a timely liquidation, and he strategically helped the buyer with an improvement plan for the future. This transaction was a ‘win-win’ for all parties.”

“Aseem continues to produce exceptional client service for both buyers and sellers of hospitality investments across the nation. He is always working to put the client’s needs first,” concludes Kevin Boeve.

Hampton Inn & Suites Yuma is located at 1600 East 16th Street in Yuma, Ariz. at the intersection of Highway 95 and Interstate 8 in one of the most scenic areas of the city. The property is strategically located to accommodate tourists visiting to enjoy an array of outdoor activities as well as the lodging demands of two premier military installations, Marine Corps Air Station Yuma and United States Army Yuma Proving Ground. Yuma Proving Ground is one of the world’s largest military installations.

Cortona, Courtesy of IPA

Cortona at Dana Park sells for $22.1M

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cortona at Dana Park, a 222-unit multifamily community in Mesa, Ariz. The $22.1 million sales price equates to $99,550 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Virtú Investments. The buyer is Green Leaf Capital Partners.

“Developed by Hrebec Properties in 1986, Cortona at Dana Park’s design and functionality are unparalleled in comparison with other assets of its vintage,” says Gebing. “The previous owner upgraded approximately 70 percent of the unit interiors and further opportunities for value enhancement remain.”

The apartment community is located at 1440 South Alma School Road in Mesa near Village Square at Dana Park, an urban lifestyle center with a mix of upscale retailers. Banner Gateway Medical Center’s 60-acre campus is two miles away and the Falcon Field Employment Center, a 5,100-acre area with more than 10 office and industrial parks is approximately six miles away. Access to U.S. Route 60, (the Superstition Freeway), and Arizona State Loop 202, is nearby.

Cortona at Dana Park’s apartments feature kitchen-garden windows, oversized walk-in closets, built-in bookshelves, ceiling fans, covered patios or balconies and washers and dryers. Select two-bedroom units have walk-in pantries and wood-burning fireplaces. Community amenities include two swimming pools and spas located along a spacious pool deck with resort-style furniture; a playground, lighted courts for basketball and volleyball, barbecue grilling stations with picnic areas, a 24-hour fitness center, a clubhouse with kitchenette and resident lounge, reserved covered parking, and controlled gated access.

Aura at Midtown, Courtesy of Marcus & Millichap

Aura at Midtown sells for $8.69M

Marcus & Millichap announced the sale of Aura at Midtown, a 96-unit apartment complex in Phoenix. The $8.69M sales price equates to $90,500 per unit.

Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, first vice president investments Richard Butler, senior associate Brian Tranetzki and associate Trevor Hardy, all in the firm’s Phoenix office, advised the seller, Pathfinder Partners and Avenue North. The buyer is Capital Real Estate.

“Developed by Staman & Kahnweiler in 1959 and 1962, Aura at Midtown was recognized as one of the ‘5 Coolest Apartment Complexes in Phoenix’ by the Phoenix New Times in 2014,” says Gebing. “The previous owner initiated a successful repositioning and rebranding of the property that the new owner can continue.”

The property is located inside Encanto Village at 3623 North 5th Ave. within the City of Phoenix’s Infill Development District and adjoining Transit-Oriented Zoning Overlay District One (TOD-1), an area experiencing millions of dollars in gentrification efforts and a residential revival. Central Avenue, home to the highest concentration of employment in Arizona, is less than one mile east of the complex. The Valley Metro light rail’s Osborn/Central station is located less than six blocks away and access to Interstate 10, the Maricopa Freeway, State Route 51, the Piestewa Freeway, and Arizona State Route 202, the Red Mountain Freeway is nearby.

Aura at Midtown features five floor plans that include renovated one-, two- and three-bedroom apartment homes that average 889 square feet. Interior finishes include new appliance packages, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, vintage bathroom tiling and retro fixtures, remote-operated ceiling fans, oversized windows, and sliding arcadia doors. Community amenities consist of two newly remodeled and redecorated swimming pools, a community-run organic vegetable garden, restricted-access 24-hour fitness center, convenient on-site laundry facilities, keyed entry pedestrian gates, covered parking, and rentable storage units.

Cabana on Thomas - Gebing

IPA sells $24.35 million Phoenix apartment community

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cabana on Thomas, a 382-unit apartment home community in Phoenix. The $24,350,000 sales price equates to approximately $64,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities.

“Cabana on Thomas recently won the coveted American Society of Interior Designers’ Adaptive Use Award, which honors excellence in interior design,” says Gebing. “The property’s attractive mid-century modern architecture provided the basis for a comprehensive property repositioning influenced by international fashion trends and national design, incorporating unique vintage pieces from neighborhood shops and one-of-a-kind, community-focused murals.”

The 204,537-square-foot property is located on 12.7 acres at 1645 East Thomas Road in Phoenix, one-half mile west ofState Route 51, the Piestewa Freeway, which provides a direct connection to downtown Phoenix and Sky Harbor International Airport. Nearby employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare, Cigna Healthcare, and the State Compensation Fund. Park Central Mall, a 712,000-square-foot retail, dining, and office center is approximately two miles northwest of the community.

Cabana on Thomas’ studio, one- and two-bedroom floor plans are equipped with new designer cabinets, countertops, appliances, flooring, bathroom and shower fixtures, and lively accent walls. Refreshed amenities throughout the community include a Wi-Fi- ready leasing office and clubroom fully equipped with coffee shop-style seating, four resort-style pools with custom cabana shades, a new fitness center with cardio- and weight- training equipment, branded laundry facilities, five electric vehicle charging stations, a bike storage room, and a dog park.

heat relief network - hot sun

Arizona Sun apartments sell for $3.675M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Arizona Sun, a 58-unit apartment property located in Tempe, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,675,000.

Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Pete Te Kampe.

Arizona Sun is located at 1895 & 1901 East Don Carlos Avenue in Tempe, AZ.  This asset was purchased as an acquisition and rehab project through a tax credit award from the Arizona Department of Housing.

 

Manufactured home community trades for $23.85M

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Chaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe, Ariz. The investment real estate asset sold for $23,850,000, which equates to $66,435 per space at a 6.25 percent cap with a 43.75 percent expense load or $3,232 in expenses per site.

Douglas Danny, first vice president investments in Marcus & Millichap’s San Diego office, along with Octavian Paul, associate in the firm’s Phoenix office, represented the seller, Kort & Scott Financial Group. The buyer is a family trust.

“The property provides the new owner with location, demand, incubation upside and immediate cash flow in a scarce marketplace,” says Danny. “The offering generated multiple offers and was sold to one of the premier manufactured home community buyers in the marketplace.”

Chaparral Mobile Village features a clubhouse, a children’s game room, a laundry, two swimming pools, a spa, a children’s playground and sports facilities. Built as 360 sites, one of the spaces is dedicated to open space. All of the spaces are accessed via an interior asphalt paved roadway that has rolled cement and some cement sidewalks around the common area amenities. Electric service is provided to each individual space by individual meters that are master-metered by the utility companies and charged to the park. The park has all city services.

Chaparral Mobile Village was built in 1971 on 45.1 acres and has a density of 7.69 sites per acre. The current site breakdown is 211 single-wide spaces and 148 double-wide spaces, of which 54 are small and 95 are large. There are four one-story buildings and the building area contains 5,316 square feet of clubhouse/office space, a 1,227-square-foot children’s playroom, a 1,042-square-foot laundry facility and a 1,042-square-foot maintenance shop. The total square footage for these buildings is 8,627 square feet.

 

Country Inn & Suites Mesa brings $10.9M

Marcus & Millichap announced the sale of the Country Inn & Suites Mesa, a 126-unit, interior corridor, mid-rise hotel in Mesa, Ariz. The $10,910,000 sales price equates to $86,500 per room and represents more than 98 percent of the list price.

The property is located at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, five miles west of Phoenix-Mesa Gateway Airport and 22 miles east of Phoenix Sky Harbor International Airport.

Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, David Greenberg, vice president investments in Fort Lauderdale, and James Meng, an associate agent in the firm’s Phoenix office, represented the seller, Suites of Arizona, and the buyer, KCS Investment.

“This hospitality investment real estate asset is Carlson’s Country Inn & Suites best performer in Arizona,” says Allred. “We marketed the asset through our national platform of hospitality property investment specialists and a Seattle-based investor in a 1031 exchange recognized the value of owning in the growing Mesa, Ariz. market.”

“This is another great example of the power of the firm’s collaborative platform,” adds Gregory A. LaBerge, national director of the firm’s National Hospitality Group.  “Sourcing out-of-area 1031-exchange capital created maximum results for both parties. The sales price met the seller’s expectations and the buyer acquired an asset that suits its strategic growth plan.”

The Country Inn & Suites Mesa was constructed in 1998 and is located at 6650 East Superstition Springs Blvd. in Mesa, less than a mile from the Superstition Springs Center shopping mall, which includes more than 150 stores and restaurants, a double-decker carousel, an indoor children’s play area, a multiplex movie theater and an outdoor amphitheater. Other nearby companies and local attractions include The Boeing Co., Arizona School of Health Sciences, Arizona State University at the Polytechnic campus, Big League Dreams Park, Falcon Field, Golfland Sunsplash amusement park, Gold Field Ghost Town, Canyon Lake and Hohokam Stadium, the longtime baseball spring training facility for the Chicago Cubs.

Toscana Apartments sell for $1.75M

Marcus & Millichap Real Estate Investment Services has announced the sale of Toscana Apartments, a 24- unit apartment community located in Central Phoenix, Arizona. The asset commanded a sales price of $1,750,000 or $72,917 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, an investment partnership from Berkeley, California and the buyer, a local private 1031 exchange investor.

“Toscana Apartments is a boutique apartment community nestled between the prestigious Biltmore neighborhood and the Central Avenue Corridor in Phoenix. Toscana is one of the most unique properties in Central Phoenix in that no two floor plans are alike; there are numerous poolside units along with apartment units that are located in a huge, picturesque garden area not typical for a Phoenix setting. Select floor plans contain fireplaces, skylights and backyards.” says Tranetzki.

Built in phases beginning in 1949, Toscana Apartments consists of block construction, pitched roofs and covered parking for each unit. Situated at Bethany Home Road and 10th Street, the subject property is located in one of central Phoenix’s highest demand residential areas.

“Approximately one mile to the south of Toscana Apartments is the Camelback Corridor, one of the region’s premier urban centers with over 9 million square-feet of multi-tenant office space and approximately 951,000 square feet of shops and restaurants in two landmark shopping centers, The Shops at Town & Country and Camelback Colonnade. Biltmore Fashion Park is located approximately one mile from the subject property at the northeast corner of 24th Street and Camelback.” adds Butler.

Net-leased Romano’s Macaroni Grill sells in Goodyear

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Romano’s Macaroni Grill, a 6,810-square-foot net-leased property located in Goodyear, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,050,000.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Romano’s Macaroni Grill is located at 1828 North Litchfield Road in Goodyear, AZ.

 
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
123RF.com, Copyright: valeriylebedev

Orvieto Investments purchases 4.61 acres in Tucson

Orvieto Investments LLC, owned by Barbara and Tom Mannschreck, has purchased an industrial property located at 3911 Highway Dr. in Tucson, which consists of an office/warehouse building of 10,760 sq. ft. with four additional outlying buildings on 4.61 acres.

The facility is leased to Jacobs Field Services, an affiliate of Jacobs Engineering, a New Your Stock Exchange traded company.

The purchase price was $887,500 and the Bank of Tucson provided a loan in the amount of $575,000.

The property was owned by an affiliate of Diamond Ventures. Pat Welchert of Cushman & Wakefield/Picor represented the seller and Robert Kaplan of Marcus & Millichap represented the buyer.

An affiliate company of Barbara and Tom Mannschreck purchased Shadow Pines Apartments and Mayfair Manor Apartments in Tucson August 28, 2014.

The purchasers are seeking additional investments in Arizona.

Raising Cane, Marcus Millichap, WEB

Raising Cane’s Phoenix location sells for $3.5M

Marcus & Millichap, a commercial real estate investment firm, announced Dec. 30 the sale of Raising Cane’s, a 3,848-square foot net-leased property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,550,000.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.
Raising Cane’s is located at 4506 E. Cactus Rd. in Phoenix.

Waterford at Superstition Springs 31,WEB

Waterford at Superstition Springs sells for $33M

Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, announced the sale of Waterford at Superstition Springs, a 280-unit multifamily community in Mesa, Ariz.  The commercial real estate sale netted $33,000,000 or $117,850 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Waterford at Superstition Springs LLC. The buyer is NALS Apartment Homes.

“Waterford at Superstition Springs delivers an amenity-rich living experience that combines comfort and convenience with unparalleled contemporary finishes,” says Gebing.

The property is located at 7311 East Southern Ave. in Mesa, Ariz. less than one mile east of Superstition Springs Center, a 1.2 million-square-foot regional shopping mall featuring more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center is directly across the street from the Superstition Springs Center. The Falcon Field Employment Center, a 5,100-acre area encompassing more than 10 industrial and office parks is approximately seven miles northwest of the community. The property has direct access to U.S. 60, the Superstition Freeway, and Loop 202, which provides access to Tempe, Mesa, Chandler and Gilbert, is nearby.

Developed by Zaremba Group in 2007, Waterford at Superstition Springs features elegantly designed one-, two-, and three-bedroom floor plans with nine-foot ceilings, fully equipped gourmet kitchens with cherry-wood cabinetry and GE appliances, full-sized washers and dryers, crown moldings, walk-in closets, raised panel doors and ample storage space with linen closets. Community amenities include a resort-style swimming pool with spa, a state-of-the-art leasing office and 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, courtyard space featuring a playground, volleyball court, barbecue grills, 80 detached garages, 30 detached storage units, a car care center, and controlled access gated entry.

Raising Canes, WEB

Glendale Raising Cane’s location sold

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Raising Cane’s, a 3,033-square foot net-leased property located in Glendale on Friday, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,550,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  Raising Cane’s is located at 7930 W. Bell Rd. in Glendale, Ariz.

Southern Ridge, Grass, WEB

Marcus & Millichap arranges sale of Southern Ridge

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced Wednesday the sale of Southern Ridge, a 113-unit apartment property located in Mesa, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $6,510,000.

Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the sellers, which comprised multiple individuals and entities.  John Kobierowski, of ABI Multifamily is the broker who represented the buyer in the transaction.  This transaction represents Te Kampe’s second fragmented condominium reversion sale this year and the fourth overall he has listed and closed.   Southern Ridge is located at 214 North Gilbert Road in Mesa, Ariz. The property was built in 1985 comprises 113 units.

Dollar General rendering

Dollar General sells in Marana, Ariz.

Marcus & Millichap announced the sale of Dollar General, a 9,100-square foot net-leased property located in Marana, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,755,000 and is currently under construction.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.
Dollar General is located at Trico and El Tiro roads in Marana.

Dennys Marcus and Millichap, WEB

Denny’s signs ground lease in Yuma

Marcus & Millichap announced the sale of Denny’s ground lease, a 4,300-square foot net-leased property located in Yuma , Ariz, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,527,300.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was secured and represented by Matt LoPiccolo, an investment specialist in Marcus & Millichap’s San Diego office.

Denny’s Ground Lease is located at 11255 E. South Frontage Rd. in Yuma.

LaRonde Centre

Marcus & Millichap announces retail, healthcare transactions

Marcus & Millichap announced the sale of La Ronde Centre, a 106,503-square-foot retail property located in Sun City, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $8,000,000.

Sanford Burstyn, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  Colin Brown from Transwestern represented the buyer.

La Ronde Centre is located at 14656 North Del Webb Boulevard in Sun City, Ariz.

Marcus & Millichap also announced the sale of Arrowhead Health Center, a 11,272-square-foot net-leased property located in Scottsdale, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $4,500,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office.

Arrowhead Health Center is located at 2629 North Scottsdale Road in Scottsdale, Ariz.

Brakes Plus, WEB

Brake Plus buys 5KSF in Peoria

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brakes Plus, a 5,128-square-foot net-leased property located in Peoria, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,735,000.

 

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 

Brakes Plus is located at 8380 W. Deer Valley Rd. in Peoria.

Alvarado Apartments

Alvarado Apartments sell in Phoenix

Marcus & Millichap announced the sale of Alvarado Apartments, a 10-unit apartment property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $425,000.

Chris Lake, Brian Tranetzki, and Richard Butler, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.

Alvarado Apartments is located at 376 East Alvarado Road in Phoenix. This single-story, block constructed apartment community was built in 1958 and consists of six well designed one-bedroom units at 600 square feet and four two-bedroom units at 775 square feet. The subject property is individually metered for electricity, has pitched asphalt shingle roof and has individual water heaters located in the units. The buyer took advantage of this opportunity to purchase one the few remaining non-renovated multifamily properties in the downtown area. Due to its location and close proximity to some of the most preeminent attractions in central Phoenix, this property is a prime candidate for the buyer to reposition.