Marcus & Millichap arranges the sale of The ViBE
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The ViBE on Thomas, a 100-unit multihousing community located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $8,450,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, combined with IPA Senior Managing Directors Cliff David and Steve Gebing, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Darrell Moffitt, a Senior Vice President in the firm’s Phoenix office. “The ViBE on Thomas is located in a rapidly gentrifying neighborhood approximately two miles south of the Camelback Corridor, the preeminent professional core of the region and one of the most affluent economic destinations in the state of Arizona,” Bay explained. “The buyer plans to execute a full renovation and rebranding of the community in the coming months, as well as scale their footprint in the submarket with additional acquisitions,” added Moffitt.
The ViBE on Thomas is located at 2735 East Thomas Road in Phoenix Arizona. Built of concrete block construction by Valley Enterprise Inc. with studio, one- and two-bedroom floor plan designs, the property has been upgraded through interior renovations as well as select common area improvements. Most unit interiors have been upgraded to include painted or replaced cabinets, new or resurfaced countertops, new appliances and flooring, as well as lighting and bathroom fixture upgrades. Bold accent walls were also introduced to complement the spacious closets, and private patios/balconies are found in select apartment homes. Revitalized amenities throughout the common space include a leasing office and two swimming pools, two laundry facilities with leased laundry equipment, and pedestrian gates for added security.
Marcus & Millichap sells Brakes Plus in Phoenix
Marcus & Millichap has announced the sale of Brakes Plus, a 6,075-square foot triple-net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,775,000.
Chris Doty, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a partnership, was procured by Mark Ruble, Jamie Medress and Chris Lind, also investment specialists in the firm’s Phoenix office. “The seller decided to list the property as part of a reverse exchange,” Doty stated. “By utilizing our brokerage platform, the firm was able to find the perfect investor to acquire the asset and support both sides through the transaction.”
Brakes Plus is located at 17249 North Tatum Boulevard in Phoenix, Arizona. The property, built in 1998, is a 6,075-square-foot building situated on 0.66 acres of land. It has excellent visibility from North Tatum Boulevard with traffic counts of approximately 35,200 vehicles per day and is near the intersection of East Bell Road with daily traffic counts of approximately 36,721 vehicles per day. The property is next to O’Reilly Auto Parts and Fry’s, and is in the immediate area of Walmart Supercenter, Wells Fargo, Home Depot, Chase, Starbucks, Petco, Wendy’s, Bank of America, Chipotle and more.
Marcus & Millichap sells former Pet Club in Glendale
Marcus & Millichap has announced the sale of a former Pet Club, a 6,200-square-foot single-tenant vacant property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,160,000.
Cassandra Mosser, 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 property had been previously listed and exposed by two other brokers before I secured the assignment,” Mosser explained. “The transaction required an immense amount of time and effort which led us to the right buyer pool, and inevitably the final buyer.” The former Pet Club was purchased by a buyer that plans to lease the building and sell the asset soon after.
The former Pet Club property is located at 17024 North 67th Avenue in Glendale, Arizona. The property was built in 2000 and sits on 0.84 acres of land. It benefits from being located just off West Bell Road and North 67th Avenue, which is visible to over 54,300 cars daily. Additionally, this area is heavily populated area with almost 11,000 people within a one-mile radius, further contributing to the steady traffic counts in the area throughout the day.
Marcus & Millichap arranges sale of Dairy Queen in Gilbert
Marcus & Millichap has announced the sale of Dairy Queen, a 3,200-square-foot triple-net-leased property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,650,000.
Mark Ruble, Jamie Medress and Chris Lind, 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 completed a 1031 exchange.
Dairy Queen is located at 2770 South Santan Village Parkway just south of East Williams Field Road in Gilbert, Arizona. The 3,200-square-foot property was recently built in 2018 on a 1.41-acre lot. It is ideally located near multiple grocery stores such as Costco, Sam’s Club, Sprouts and Natural Grocers as well as large retailers including Walmart Supercenter, Big Lots, Old Navy, Dick’s Sporting Goods, Barnes & Noble and Best Buy. Restaurants in the immediate area include McDonald’s, Panera, Chick-fil-A, In-N-Out Burger, Starbucks, and more.
Marcus & Millichap arranges sale of NNN Salad and Go in Mesa
Marcus & Millichap has announced the sale of Salad and Go, a 677-square-foot triple-net-leased property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,400,000.
Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was procured by Jonathan Eckerd, another investment specialist in the firm’s Phoenix office. According to Eckerd, the highly desirable property went under contract after just five days on the market. “By utilizing the firm’s brokerage platform, we were able to find a local buyer familiar with the business that really believes in the concept of fresh, healthy fast food,” Eckerd explained. “They plan to hold the property for the consistent cashflow that this rapidly-growing Arizona brand can provide.”
Salad and Go is located at 5259 East Brown Road in Mesa, Arizona. The property was built in 2015 on 0.71 acres of land on the southeast corner of East Brown Road and North Higley Road, an intersection that sees over 42,000 vehicles per day.
Marcus & Millichap arranges the sale of Glenwest
Marcus & Millichap has announced the sale of Glenwest, a 10-unit apartment community located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $800,000.
Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors. “Glenwest saw a high level of activity immediately upon commencement of our comprehensive marketing campaign,” Bay explained. “Due to its desirable unit mix, curb appeal and operational upside, the property went under contract within a week of listing.”
Glenwest is located at 6727 North 61st Avenue in Glendale, just a quarter-mile from the Grand Avenue Expressway. Developed in 1966, the property is comprised of two single-level block construction buildings consisting of 90% two-bedroom floor plans which are enveloped in a securely gated community. Each unit showcases a large open floor plan, tile flooring, individual metering for electric, and roof-mounted air conditioning. Residents are granted immediate access to Glendale High School (0.25 miles), Grand Avenue Expressway (0.25 miles), and Downtown Glendale’s restaurant and shopping district (0.50 miles).
