Marcus & Millichap arranges the sale of Scottsdale Shops
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Scottsdale Shops, a 21,465-square foot retail property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9,050,000.
Mark Ruble, Zack House, 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, a limited liability company, was also procured by the team.
Scottsdale Shops is located at 14826-14884 North Pima Road in Scottsdale, Arizona. Built in 2006 on 2.96 acres, this property includes nine suites, seven of which are currently leased to a diverse tenant profile. All leases are triple-net and include tenants such as Dickey’s Barbeque Pit, FedEx, Filiberto’s Mexican Food, and NYPD Pizza. There are currently over 160,000 residents within a five-mile radius of the property.
Marcus & Millichap sells Old Vail Plaza in Tucson
Marcus & Millichap has announced the sale of Old Vail Plaza, a 7,200-square-foot, four-suite retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,825,000.
Scott Ruble, Mark Ruble, Chris Lind, and Jamie Medress, 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. Old Vail Plaza is 100% leased to Baggin’s Gourmet Sandwiches, One Nail Lounge, Desert Zen Yoga, and Brooklyn Bedding, all with all triple-net leases in place. The property is located at 10235 East Old Vail Road in Tucson within the Houghton Town Center and surrounded by major retailers such as Walmart Supercenter, Petco, T.J. Maxx, Ross and more. The closest major intersection sees over 24,600 vehicles per day and there are currently approximately 47,192 residents within the growing southeast Tucson trade area. The average annual household income exceeds $92,000 within five miles of Old Vail Plaza and households in that same area are projected to increase over 22% in the next five years.
Marcus & Millichap arranges the sale of Chase Bank
Marcus & Millichap has announced the sale of Chase Bank, a triple-net ground lease property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,628,000.
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. Chase Bank is located at 1565 North Greenfield Road in Gilbert, just a half-mile from the US-60 Freeway, a major connector to the Phoenix area that sees approximately 210,200 vehicles per day. There are over nine years remaining on the triple-net corporate ground lease with 12% rental increases every five years. Within the Gilbert trade area, nearly 353,400 people reside and average annual household income exceeds $99,000 within a one-mile radius of the property. Households are projected to increase over 11% in the immediate area by 2023.
Marcus & Millichap sells Phoenix multifamily property for $6,615,000
Marcus & Millichap has announced the sale of Orangewood Terrace, a 63-unit garden-style apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $6,615,000 or $105,000 per unit.
Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office negotiated the sale on behalf of both the seller, a local private partnership, and the buyer, a local private investor.
“Built in 1965, Orangewood Terrace is comprised of one, two and three-bedroom units, 20 of which are townhome style units that include front and back yards, storage areas, and washer and dryer hookups. The low-density property is situated on over four acres and provides residents open grass areas with a large diving pool as well as a children’s play pool located at the center of the property,” said Butler.
“Orangewood Terrace is located less than a half a mile west of the Phoenix Light Rail, adjacent to the frontage road of Interstate-17, which connects residents to all parts of the Valley. Within a very short distance is Grand Canyon University, the Abrazo Central medical campus, Christown Spectrum Mall and Metrocenter Mall,” added Butler.
The property is located at 2411 West Orangewood Avenue in Phoenix, Arizona and is the first sale of this property since 1971. All units were in original condition and the new owner plans an extensive renovation to both the interior and exterior of the property.
Marcus & Millichap sells YRMC – Physician Care in Prescott
Marcus & Millichap has announced the sale of Yavapai Regional Medical Center – Physician Care, a triple-net-leased medical office located in Prescott, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,525,000.
Alan Laulainen, Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Sarti Properties, Ltd, a local family owned investment company headed by Mike Sarti. “After considering a multitude of options, the family partnership decided to dispose of the asset in favor of developing some land holdings,” Laulainen explained.
The Marcus & Millichap marketing platform was instrumental in sourcing a 1031 exchange buyer from Oregon. The buyer was looking for higher yield than traditional primary markets and decided to purchase the property to hold as an investment and renegotiate an extension to the current lease. “Yavapai Regional Medical Center is a well-run profitable rural hospital system with a Moody’s ‘A2’ credit rating. Our team effectively demonstrated the longevity the tenant has had in the asset as well as the phenomenal growth that Prescott/Prescott Valley is experiencing to get the buyer comfortable with the market,” Laulainen added.
Yavapai Regional Medical Center – Physician Care is located at 2120 Centerpointe West Drive in Prescott, across from Prescott Regional Airport and just minutes from Embry-Riddle Aeronautical University. Built in 2008, the 8,622-square-foot medical office is situated on 1.27 acres. The property is visible to more than 17,855 vehicles per day from AZ State Route 89A (Pioneer Parkway). The surrounding five-mile radius has 34,594 residents with a projected 16% increase in households by 2023.
Marcus & Millichap sells building occupied by Pacific Dental Services in San Tan Valley
Marcus & Millichap has announced the sale of Pacific Dental, a 5,500-square-foot, triple-net-lease dental office property located in San Tan Valley, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,575,000.
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. Pacific Dental is located at 1714 West Hunt Highway across from a top-producing Walmart Supercenter shopping center. The property has an excellent location within the San Tan Heights master-planned community with over 3,700 residents. Households are projected to increase by more than 40% in the immediate area by 2023. Pacific Dental has a corporate lease with 10% rental increases every five years.
Marcus & Millichap sells Dutch Bros in Phoenix
Marcus & Millichap has announced the sale of Dutch Bros, a triple-net ground lease property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,202,000.
Jonathan Eckerd, Mark Ruble, Chris Lind and Jamie Medress, 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. Eckerd commented, “This was one of two Dutch Bros trophy assets in Arizona with a large building footprint and inside seating, making it a very desirable for our investors. After just one month on the market, we received five offers on this listing and sold for the asking price.”
The buyer, an individual/personal trust, was procured by Cassandra Mosser, also an investment specialist in the firm’s Phoenix office. “This was a perfect deal for the buyer due to the low rent, underlining real estate, and the quality of the tenant,” Mosser explained.
Dutch Bros is located at 3215 East Chandler Boulevard in Phoenix as an outparcel to a Goodwill-anchored shopping center. The surrounding area has a strong daytime population of approximately 140,164 employees along with over 120,000 residents within a five-mile radius of the property. Average annual household income within the immediate area exceeds $125,000. Dutch Bros has 13 years remaining on their triple-net ground lease term with 2% annual rent increases.
