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 238 acres of ranch land located at 290 Elgin-Canelo Road in Elgin, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $812,500.
“Our team was pleased to be able to assist the Tucson-based property owner in finding an all-cash buyer for this picturesque 238 acres in the heart of Arizona’s ranching and vineyard country,” said Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office. “In this rural part of Arizona, with limited deals of this size, our brokerage team was able to effectively collaborate with a southern Arizona ranch broker to identify the perfect buyer,” he explained.
Art Rullo, Michael Farrar, Ross Smith and Dan Peters, 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 seller was the noteholder on the property, and the buyer was a local Elgin rancher looking to expand grazing capacity for her cattle. “All parties were satisfied with the seamless and efficient handling of this transaction by Marcus & Millichap,” added Rullo.
Marcus & Millichap sells Red Rock MHP & OK RV Park in Holbrook
Marcus & Millichap announced today the sale of Red Rock MHP & OK RV Park, a 17-acre RV park with attached mobile home park located in Holbrook, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,050,000.
“The buyer saw the potential in this property due to its RV park outperforming the mobile home park financially, which is not the typical scenario,” said Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office who procured the buyer, a limited liability company. “By bringing in new homes, infilling the mobile home park, increasing occupancy, creating new roads, and increasing capital expenditures to upgrade the appearance, the buyer plans to drastically increase the income from the property.”
Red Rock MHP & OK RV Park is located at 1576 Roadrunner Road in Holbrook, Arizona. Built in 1975 on 17.58 acres, this property includes 160 units.
Marcus & Millichap arranges the sale of Pueblo De Rosa
Marcus & Millichap announced today the sale of Pueblo De Rosa, a 13-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,852,000.
“Located one mile to the south of the Camelback East Village restaurant scene and one mile west of the Arcadia Crossing shopping center, Pueblo de Rosa is well positioned in between desirable neighborhood amenities,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Ownership will have the opportunity to undergo programmatic interior renovations to realize favorable monthly premiums.”
The buyer, a partnership, was procured by Bay. Pueblo De Rosa is located at 3012 North 40th Street in Phoenix, Arizona.
Marcus & Millichap sells Berridge Villa in Phoenix
Marcus & Millichap announced today the sale of Berridge Villa, a 40-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,900,000.
“Located immediately behind Abrazo Central Campus hospital in a quiet residential neighborhood and one mile northwest of Christown Spectrum Mall, Berridge Villa offers residents immediate access to a variety of employment opportunity while providing a residential community feel given it’s positioning in the Washington Park neighborhood,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office.
Paul Bay and Darrell Moffitt, senior vice president investments had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, an individual/personal trust, was also procured by Bay and Moffitt. Berridge Villa is located at 2040 West Berridge Lane in Phoenix, Arizona.
Marcus & Millichap arranges the sale of Valley View MH & RV Park in Duncan
Marcus & Millichap announced today the sale of Valley View MH & RV Park, a 34-acre located in Duncan, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,225,000.
“The buyer plans to incubate the vacant homes, infill new homes into the community, and perform major capital expenditures to the roads and infrastructure of the property,” said Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office. “This allowed the seller to shift their capital into another opportunity.”
Escobedo represented the seller, a limited liability company, in the transaction. The buyer, a limited liability company, was also procured by Escobedo. Valley View MH & RV Park is located at 441 Corral Road in Duncan, Arizona. Built in 1970, this asset contains 116 mobile homes spaces, 30 RV spaces and a fourplex all on 34 acres of land.
Marcus & Millichap sells Urbana at Arcadia in Phoenix
Marcus & Millichap announced today the sale of Urbana at Arcadia, a 10-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,570,000.
“Located one mile to the south of the Camelback East Village restaurant scene and two miles to the south of the Camelback employment corridor, Urbana at Arcadia is well positioned adjacent desirable employment and neighborhood amenities,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Ownership will have the opportunity to carry out the renovation program across all units to capture a favorable renovation premium.”
Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also procured by Bay. Urbana at Arcadia is located at 3219 East Earll Drive in Phoenix, Arizona.
