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 7.589-acre parcel of land in Surprise, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,650,000.

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Art Rullo, Michael E. Farrar and Ross Smith, 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.  

The subject property is located on West Happy Valley Road in Surprise, Arizona. “The property received significance buyer interest immediately upon hitting the market and ended up selling well above the initial list price,” shared Rullo. “The sellers are long-term property owners and were able to capitalize on the opening of W Happy Valley Road and addition of key water and sewer infrastructure in the area. All of these factors contributed to strong buyer interest and increasing land values.”