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 Modern Quarters, a 47-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,000,000.
“Located within walking distance to major retail, the Valley Metro Light Rail and the desirable Central Avenue Corridor suburb of Uptown, Modern Quarters is well positioned for sustained rental growth and neighborhood redevelopment,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a limited liability company. He and Darrell Moffitt, senior vice president investments, procured the buyer, a private investor.
Modern Quarters is located at 6702 North 17th Avenue in Phoenix, Arizona. Built in 1979, this property features 28 two-bedroom/two-bathroom units (11 of which were renovated to include in-suite laundry), 17 one-bedroom/one-bathroom units, and two studios. The units are individually metered for electric with roof mounted HVACs and individual water heaters.
Marcus & Millichap arranges the sale of Circle K ground lease in Phoenix
Marcus & Millichap announced the sale of Circle K Ground Lease, a 4,500-square-foot property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,780,000.
“Marketing this deal produced multiple offers, leading it to trade over list price,” said Cassandra Mosser, senior associate in Marcus & Millichap’s Phoenix office. “The desire for a COVID essential tenant mixed with a long-term, corporate lease, made this deal very attractive to a large buyer pool.” Mosser had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Circle K Ground Lease is located at 1875 West Greenway Road on the southeast corner of 19th Avenue and Greenway Road, which sees over 31,000 vehicles per day and connects directly to Interstate-17, Loop 101 and Route 51. The asset, built in 2017, includes a corporate guaranty with over 16 years remaining on a triple-net ground lease.
Marcus & Millichap arrange sale of 3,900-SF retail property in Yuma
Marcus & Millichap announced the sale of a 3,900-square-foot retail property located in Yuma, Arizona. The asset was 62% occupied at the time of sale with a 2,400-square-foot Chipotle Drive-Thru and a 1,500-square-foot vacant suite. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,100,000 or $538 per square foot with all cash and no loan.
“Maximum exposure of the offering led to multiple competitive offers,” said Sanford Burstyn in Marcus & Millichap’s Phoenix office. “This resulted in the highest probability transaction with a quick close, all cash and no financing.”
Burstyn had the listing to market the property on behalf of the seller, a Southern California investor. The buyer was procured and represented by JR Shah of Century 21 Discovery in Orange County California. The property, built in 2019 on 1.21 acres, is located at 3080 South 4th Avenue in Yuma, Arizona.
