Tag Archives: marcus millichap

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.

Courtesy of Marcus & Millichap

Covered Wagon RV Park sells for $1.25M

Marcus & Millichap announced the sale of Covered Wagon RV Park, 44 RV Site, two MH site and a SFR/office built on 3.27 acres Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset was listed for $1,250,000.

Octavian Paul and Douglas A. Danny, MHC/RV Resort investment specialists in Marcus & Millichap’s Phoenix and office San Diego, had the exclusive listing to market the property on behalf of the seller, a private couple.  The buyer, a limited liability company, was secured and represented by Octavian Paul and Douglas A. Danny

Covered Wagon RV Park is located at 6540 North Black Canyon Highway in Phoenix, AZ, which is located where Maryland Parkway intersects North Black Canyon on the west side of the Black Canyon freeway (Hwy 17).  The park is close to multiple professional schools and many of the long term residents are students.  The park has a history of high year around occupancy and historically collects approximately 90% of its potential income.

There is a pool, restrooms with showers, a laundry room and an 800 SQ’ SFR with an office.  The sites are 27-35’ x 55-65’ and are submetered for electricity.  The water, sewer and trash is included in the rent. The park was listed at 9.37 Cap with an expense load of 48.7% ($2,369 per site). The cost per site was $26,596 and the Seller included two (2) mobile homes in the asking price.  The Seller offered 5% financing for seven (7) years with 35% to 40% down.
The property generated several offers during the listing period and sold to a seasoned operator looking to build a portfolio in the Arizona Market.

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.

Mike Duffy joins SRS Real Estate

Mike Duffy, SRS Real Estate

Mike Duffy, SRS Real Estate

SRS announced the hiring of Mike Duffy as senior associate in the Phoenix office. He will focus on landlord representation, tenant representation and land brokerage.

Duffy joins SRS with more than 20 years of experience in real estate. His introduction to commercial real estate came while at Marcus & Millichap, but his most recent experience in the industry was with ESCEE Commercial Properties.

There, Duffy was a retail leasing specialist focused on working with landlords to stabilize challenged properties through aggressive and effective merchandising and lease plans. Prior to that, he spent a significant amount of his career focusing on residential real estate where he coordinated the development, financing, construction and sale of high-end residential and multi-family properties. Duffy also has experience developing successful sales programs and managing multi-state territories within the medical industry.

“We are excited to have Mike join us in the Phoenix office,” said Ed Beeh, executive vice president and market leader in the Phoenix office. “His track record shows great commitment and focus, and he will do well as he continues his career in commercial real estate.”

Duffy is a graduate of Arizona State University and is a member of the International Council of Shopping Centers (ICSC).

Geoffrey Harris joins CBRE Capital Markets

Geoffrey Harris, CBRE

Geoffrey Harris, CBRE

CBRE Group, Inc. today announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as Senior Vice President. Harris is a financial services professional with more than 15 years of mortgage banking experience. Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

“I am thrilled to welcome Geoff to the team. He is a wonderful complement to our team of best-in-class debt and structured finance professionals,” said Bruce Francis, vice chairman, Debt and Structured Finance, CBRE. “His experience and skill set will expand CBRE’s reach and strengthen our capabilities to serve the diverse needs of our investment clients across the country.”

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as vice president of Capital Markets at Marcus & Millichap, where he was a top performer and was ranked as a “Top Five Broker” nationally from 2007 through 2011, and a “Top Loan Originator” for three consecutive years. Additionally, he was the recipient of Marcus & Millichap’s National Achievement Award for five consecutive years. Over the course of his career, Harris has closed more than 2,000 loans in excess of $3 billion.

“Geoff’s years of experience coupled with his deep market knowledge make him an excellent addition to our team. In addition, he is one of the most respected finance professionals in the Phoenix commercial real estate market,” said Craig Henig, senior managing director, CBRE. “In our business things like integrity, trust and confidence define the line between success and failure. Geoff is the epitome of these qualities and we are fortunate to be able to call him one of our own going forward.”

Harris holds a B.S. in business management from Southwest Texas State University. Outside of CBRE, he is actively involved in the community donating to and volunteering with numerous organizations including Boys Hope Girls Hope Arizona, Boys & Girls Club of Metropolitan Phoenix, Brokers for Kids of Arizona, American Liver Foundation and Arizona March of Dimes, among many others. He is also very dedicated to raising funds and awareness for multiple sclerosis.

The Ranch, WEB

The Ranch at Midtown sells for $2.56M

Marcus & Millichap announced the sale of The Ranch at Midtown, a 32-unit apartment property located in Phoenix. The asset commanded a sales price of $2,560,000 or $80,000 a unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, negotiated the transaction on behalf of the buyer, a private capital investor out of the Los Angeles area. The seller was Avenue North, a local investment company which focuses on multifamily investment and repositioning.

“Situated in the heart of Uptown Central Phoenix, The Ranch at Midtown is a recently renovated art deco style apartment complex catering to the young professional tenant base. The property is located just walking distance from some of the city’s top restaurant attractions like Postino Central, Federal Pizza and Windsor. This area is a key destination for the young urban resident.” says Tranetzki.

The Ranch at Midtown is located at 110 & 118 W. Maryland Ave in Phoenix just west of Central Avenue and minutes from Downtown Phoenix, the Camelback Corridor, the Metro Light Rail and numerous retail, restaurants, and entertainment destinations that permeate the Central Phoenix corridor.

“The property is comprised of unique, well-designed one and two bedroom units that have been recently renovated to include new flooring, new appliances, new kitchen countertops and a modernized courtyard area, complete with a cabana style pool. Built in 1957 of block and concrete, this art deco style of construction is in high demand for this area.” adds Butler.

Mission Tierra

Marcus & Millichap closes $20M multifamily portfolio

The Tax Credit Group of Marcus & Millichap (TCG), the leading provider of LIHTC advisory and transaction services, announced today that it has closed a two-property, 425-unit multifamily portfolio transaction  in Tucson, Ariz. Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19,575,000.

Casa de Colinas

Casa de Colinas

The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program. Mission Tierra’s initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.

Robert Sheppard, an executive vice president investments and TCG’s national director, along with Armand Tiberio and Spencer Hurst, both TCG senior directors, and Hamid Panahi, a senior associate in Marcus & Millichap’s Phoenix office, represented all the principals in both sales. Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, also provided representation.

“The properties are located in two of Tucson’s most desirable submarkets,” says Panahi. “Both assets are well positioned for future growth as the local job market picks up speed. Demand for rental housing in Tucson is strong and average rents have advanced for four years consecutively.”

Both properties offer one-, two-, and four-bedroom floor plans. Interiors feature balcony or patio space, ample storage, and well-equipped kitchens. Select units have washer and dryer connections. Community amenities for each property include a clubhouse, two heated swimming pools and a spa, on-site laundry facilities, a children’s playground, covered parking and a barbecue area.

Built in 1998 on 23.8 acres, Casa de Colinas is located in Tucson’s western foothills, minutes from Interstate 10 and downtown. Mission Tierra is situated on 10.7 acres near Interstate 19 with access to downtown Tucson and the Tucson International Airport.

Tuscany_Pointe, Marcus & Millichap, WEB

Tuscany Pointe Apartments sell for $10.1M

Marcus & Millichap announced the sale of Tuscany Pointe Apartments, a 236-unit multifamily community in Phoenix. The $10.1M sales price equates to $42,797 per unit.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Howe Group LLC. David and Gebing also advised the buyer, The Lodge Complex Tulsa LLC.

“Built in 1981 in an established north Phoenix neighborhood, Tuscany Pointe is well positioned for revenue enhancement through strategic interior and exterior renovations,” says David.
The property is located on 8.3 acres at 14830 N. Black Canyon Hwy. in Phoenix between the North Interstate 17/Deer Valley employment corridor, an area encompassing 17.5 MSF of retail, office, industrial and flex space and the Metrocenter Mall, a 107-acre shopping center composed of approximately 1.7 MSF of retail space.

Developed by Lincoln Property Co., each Tuscany Pointe apartment features a fully equipped kitchen with a large pantry space, an oversized bathroom vanity and pre-wiring for cable television. Walk-in closets, ceiling fans, built-in microwaves, balconies/patios and upgraded wood-style vinyl flooring are available in select units. Community amenities include two swimming pools, a fitness center with cardio- and weight-training equipment, a sport court, barbecue grilling stations, a shaded playground, two laundry facilities and lighted, covered parking.

Salad to Go, Marcus Millichap, WEB

Marcus & Millichap leases 700 SF for $1.2M

Marcus & Millichap announced the sale of Salad and Go, 20-year lease, a 700-square-foot net-leased property located in Gilbert, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office.

The asset sold for $1,175,700.

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, an individual/personal trust, was secured and represented by Anh Stovall and J.J. Taughinbaugh, investment specialists in Marcus & Millichap’s Palo Alto, Calif., office.

Salad and Go is located at 910 S. Cooper Rd. in Gilbert.

Taco Bell, Marcus Millichap, WEB

Marcus & Millichap Sells Yuma Taco Bell Location

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Taco Bell, a 1,344 SF retail property located in Yuma, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $410,000.

Chris Doty, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, a limited liability company, was secured and represented by Chris Doty. Taco Bell is located at 1676 South 4th Avenue in Yuma.

Monterey Pines, WEB

Monterey Pines in Peoria Sells for $10.8M

Marcus & Millichap announced the sale of Monterey Pines, a 216-unit apartment home community in Peoria, Ariz., a suburb of Phoenix. The $10.8M sales price equates to $50,000 per unit.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the Phoenix office, represented the seller, Murano Properties. David and Gebing also advised the buyer, Mentor Properties Inc.

“The interior amenities and community advantages offered by Monterey Pines are unparalleled for an asset of its vintage,” says David. “The property’s physical improvements include well-designed floor plans that amplify the available living space and feature revenue enhancement capabilities through existing washer/dryer connections.”

“Furthermore, Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” continues David. “The plan is a $463M investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”

Developed by Hrebec Properties in 1984, the apartment complex is located on 10 acres at 8650 W. Peoria Ave. in Peoria, just south of the Bell Road retail corridor, which is anchored by the Arrowhead Towne Center, a 1.2 MSF regional mall.

Apartment interiors at Monterey Pines feature garden kitchen windows, oversized walk-in closets with double rods and shoe shelves, individual exterior storage rooms and covered private patios/balcony decks. Community amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.

Lexington Court Apartments, WEB

Marcus & Millichap Sells 32-Unit Multifamily Asset in Phoenix

Marcus & Millichap Real Estate Investment Services has announced the sale of Lexington Court Apartments, a 32-unit apartment community located in downtown Phoenix. The asset commanded a sales price of $1.7M or $53,125 a 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, a private capital investor out of Southern California. Brock Danielson from KW Commercial Represented the Buyer, a private investor from Vancouver Canada.
“Lexington Court Apartments is within walking distance of Arizona State University’s downtown campus and is close to numerous boutique restaurants and retail shops,” says Tranetzki. “This property is one of the few remaining midcentury un-refurbished apartment communities in the downtown area. It is surrounded by new townhomes and condos; the buyer intends to eventually build a larger class ‘A’ apartment community on the site. The future development will be fitting for the continued growth and redevelopment of the downtown area,” adds Tranetzki.
Built in 1963, Lexington Court consists of block, cement and steel construction and offers patios and covered parking for each unit. Located along 7th Street and Portland, the property has immediate access to Interstate 10 and direct access into the hub of the central business district of Phoenix.
“The location of this asset is superb,” says Butler. “Central Phoenix is home to ASU’s $219 million Downtown Walter Cronkite School of Journalism as well as their College of Nursing; the University of Arizona has also recently opened its medical school on the Phoenix Biomedical Campus. Hospitals in the area include Banner Good Samaritan, St. Luke’s Medical Center, St. Joseph’s Hospital and Phoenix Children’s Hospital.”

Marcus Millichap Office Shot, WEB

Marcus & Millichap Releases Office Market Report

“Continued economic strength has begun to lift office performance, staging the sector for dramatic gains in 2014. Steady employment growth over the last several years has been slow to translate into absorption, but much of the extra space held by companies is rapidly filling up. As a result, many markets may reach a tipping point in 2014 that will rapidly drop vacancies – particularly with construction remaining limited.” — Marcus & Millichap Research Services

 

Read the full report here.

Mayo Clinic Hospital - AZ Business Magazine Mar/Apr 2011

Steve Gebing Joins IPA

Institutional Property Advisors (IPA), a division of Marcus & Millichap Real Estate Investment Services, announced the expansion of its national team of senior advisors with the addition of Steve Gebing, according to Brian Murdy, national director of IPA.
Gebing has been a leading broker of major multifamily properties with Marcus & Millichap for more than seven years, completing over $532 million in transactions in the last two years. Gebing’s clients include some of the nation’s largest institutional and major private multifamily investors. As a senior director, he will be responsible for IPA’s Arizona office.
“We are excited to have Steve join IPA,” says Murdy. “He will continue building our presence in serving the robust Arizona markets and Nevada as well.”
Gebing and his business partner, Cliff David, a Marcus & Millichap vice president investments, are one of the strongest investment sales teams in Arizona. David will remain focused on the private client segment of the market while Gebing will focus on serving the needs of institutional clients through the IPA division.   Gebing and David will be located in IPA’s Phoenix office along with Peter Katz, whose primary responsibility is overseeing student housing for IPA nationally.
“The addition of Steve to our team is an important part of our strategic plan to provide comprehensive and integrated investment advisory services to major apartment investors through an expanding national collaborative platform,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer.
Gebing joined Marcus & Millichap in 2006 as an associate in the firm’s Phoenix office, rising to vice president investments in July 2012. Gebing has earned three national achievement awards and three sales recognition awards. Prior to joining Marcus & Millichap, Gebing spent nearly seven years working for IBM, where he served as the worldwide sales and marketing manager for IBM’s emerging storage virtualization software. In this role, Gebing had responsibility for identifying new market opportunities, coordinating go-to-market activities, as well as developing, communicating and strengthening the portfolio’s value proposition.
Since its introduction, IPA’s sales volume of major apartments has nearly doubled, positioning IPA/Marcus & Millichap among Real Estate Alert’s top five institutional apartment brokers nationally. In October 2013, the firm expanded its services by introducing IPA Capital Markets, which works in an integrated fashion with the firm’s investment sales advisors to provide institutions and major private investors with a full range of financing services from a global suite of capital providers.

US Bank

Marcus & Millichap Arranges 5KSF Sale of US Bank Ground Lease

Marcus & Millichap Real Estate Investment Services announced the sale of US Bank Ground Lease, a 5,000 SF net-leased property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3.458M.
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.
US Bank Ground Lease is located at 3530 W. Southern Ave. in Phoenix. The property is located at a retail intersection and is the only free-standing US Bank with a drive-thru in the trade area.

Camelback Springs-cut, Marcus & Milli

Camelback Springs Sold for $1.9M

Marcus & Millichap Real Estate Investment Services has announced the sale of Camelback Springs Apartments, a 28-unit apartment community located in the Camelback Corridor in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset commanded a sales price of $1,932,000 or $69,000 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 on behalf of the seller, a local private capital real estate investor. The buyer, a private investor out of the Los Angeles area, was also secured and represented by Tranetzki and Butler.

“The property is within a mile of the highly desirable 24th Street and Camelback commercial corridor that offers shopping, restaurants and services at the popular Biltmore Fashion Park, as well as the Camelback Colonnade, Town and Country Shopping Center and the Arizona Biltmore Resort,” says Tranetzki. “This high profile corner contains well over two million square feet of office development and is home to most of the real estate and financial services firms in the Valley,” adds Tranetzki.

Camelback Springs is located at 4711 North 15th Street in Phoenix and within minutes of State Route 51 (Piestewa Parkway) with direct access to Loop 202 (Red Mountain Freeway) and State Route 143 (Hohokom Expressway), which is located less than a quarter mile from Camelback Springs.

“Camelback Springs received over $540,000 in interior and exterior refurbishment in 2009 including new roofs, HVAC units, landscaping, kitchen and bath fixtures, cabinets and tile flooring. The project, originally named Austin Apartments was built in 1963 by McCullough-Ives Construction and provides tenants with vaulted ceilings, a two bedroom two bath floor plan and a cabana style courtyard complete with a swimming pool,” says Butler.

West Pines Lake

Marcus & Millichap Arranges Record-Setting Deal

Marcus & Millichap Real Estate Investment Services has arranged the sale of Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz. The sales price of $38 million equates to $120,635 per space, which is the highest price ever recorded in the state.

Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif., represented the seller, a private owner selling his third and final manufactured home property. Barry also represented the buyer, Hometown America, a private investment group.  Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.

Marcus & Millichap Capital Corp. (MMCC) arranged the original assumable first trust deed on the property in July 2012 and Rick Judge, a vice president capital markets in MMCC’s Newport Beach office, assisted in arranging the second trust deed.

“Improving operations, steady cash flow potential, and generally higher yields than offered by other investment property types are attracting more and more investors to manufactured housing assets,” says Barry. “Our marketing efforts on behalf of Pine Lakes Mobile Estates attracted the attention of buyers from across the investment spectrum.”

The property is a particularly appealing community with just 4.7 homes per acre,” adds Barry. “Mountain lakes and forest views give the place a private, mountain retreat-like feel, yet it is close to town.”

The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.

Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, an outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promote and encourage walking, hiking, biking and fishing.

Local municipalities and service companies provide the property’s utilities.

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Marcus & Millichap Arranges Sales of 416SF & 6000SF Net-Leased Properties

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Service King, a 4,216-square foot net-leased property located in Peoria, AZ, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,351,251.
Chris Doty, a net leased Specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/ personal trust.  The buyer was an individual/personal trust. Service King is located at 8800 North 91st Avenue in Peoria, AZ.

In addition, the firm has announced the sale of Aaron’s, a 6,000-square foot net-leased property located in Buckeye, AZ, according to Donald D. Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,685,000.
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.
Aaron’s is located at 1260 South Watson Road in Buckeye, AZ.  Located in one of the most dynamic trade areas in Greater Phoenix, as evidenced by sales figures, indicates that Buckeye has some of the top performing retailers in the region. Aaron’s, Inc., a national leader in the sales and lease ownership and specialty retailing of residential and office furniture, consumer electronics, home appliances and accessories, has more than 1,900 Company-operated and franchised stores in 48 states and Canada.

 
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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Marcus & Millichap Arranges Sale of 800 SF Net-Leased Property

image006Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Starbucks, a 800-square foot net-leased property located in Mesa, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,415,000.
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.
Starbucks is located at 2010 West Guadalupe Road in Mesa, AZ.  This is a drive-thru location only with no interior seating.  Starbucks is the largest coffeehouse company in the world, with 18,000 stores in 60 countries.

About Marcus & Millichap:
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.