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 three finished industrial lots totaling 3.1 acres within the Fuller Commercial Center in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the three assets sold for a total of $937,631.
“The all-cash buyer, as an owner/user, plans to construct an office building and fleet storage yard on the property,” said Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office. “The in-place LI (Light Industrial) zoning allowed for a short due diligence period with close of escrow just days after the expiration of due diligence.”
Rullo had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Phoenix, alongside his team members Michael Farrar and Ross Smith also in the firm’s Phoenix office. This transaction was one of several in which the seller has utilized the brokerage services of Marcus & Millichap throughout the country, according to Rullo. “This was pleasant collaborative effort between the buyer’s representative and our team,” he added. “At the end of the day, both the buyer and seller were pleased with the outcome of the transaction.”
The three improved commercial lots are located at 1063, 1031 and 1095 West Melody Avenue within the Fuller Commercial Center in Gilbert, Arizona.
Marcus & Millichap sells Highland 24 in Phoenix
Marcus & Millichap (NYSE: MMI) announced today the sale of Highland 24, a 24-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,175,000.
“Located immediately to the west of the 51-Freeway and with close proximity to Camelback Road, Highland 24 is primely situated adjacent to the Camelback/Biltmore Employment Corridor, major retail and one of the main arteries of the Central Phoenix freeway system,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay procured the buyer, a partnership, in this transaction.
Highland 24 is located at 1340 East Highland Avenue in Phoenix and is comprised of one studio unit, 19 one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. The property was built in 1978 and renovated in 2019, including a completely renovated community space. All units were renovated to include in-suite laundry.
Marcus & Millichap sells Winter Cove in Mesa
Marcus & Millichap (NYSE: MMI) announced today the sale of Winter Cove, a 35-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,250,000.
“Located in a coveted residential corridor of northwest Mesa with nearby access to major retail, recreational amenities and the Loop 202 (Red Mountain Freeway), Winter Cove is well positioned for sustained long-term desirability and rental growth,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to execute a programmatic renovation of unit interiors to experience a favorable premium.”
Darrell Moffit, senior vice president investments also in the firm’s Phoenix office, and Bay had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also procured by Moffitt and Bay.
Winter Cove is located at 2010 North Lazona Drive in Mesa, Arizona. Built in 1979, the courtyard-style property has a pool, various citrus trees, large interior amenity space, laundry facilities and on-site management. The property consists of 23 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units.
Marcus & Millichap sells Phoenix multifamily property for $100,000 per unit
Marcus & Millichap (NYSE: MMI) announced today the sale of Northern Palms Apartments, a 50-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $5,000,000 or $100,000 per unit.
“The seller purchased this property in 2018 and stabilized the operations with highly effective management. Because of previous success working with Marcus & Millichap, the seller knew that there was a high probability of locating a highly motivated buyer, willing to pay a very aggressive price under very short timelines,” said Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office. Butler had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“Because we represented the buyer in previous transactions, we were certain that they would fulfill the many goals that the seller had set out. With certainty, the buyer met the seller’s pricing goals within a very short timeframe,” added Sean Connolly, investment specialist also in the firm’s Phoenix office. The buyer, a private investor, was procured by Connolly and Butler.
Built in 1984, Northern Palms Apartments is located at 2835 West Northern Avenue in Phoenix, Arizona and is comprised of 50 one-bedroom units. These units include newly replaced electrical service panels, air conditioners, windows, doors, security gates, kitchen cabinets and fixtures, as well as new bathroom vanities and showers.
