The Pavilions at San Tan Heights
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 The Pavilions at San Tan Heights, a 33,313-square foot retail property located in San Tan Valley, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The property consists of all of the shop space adjacent to the Super WalMart in San Tan Valley, Pinal County, and sold for $12,000,000.
Douglas R. Fielding, an investment specialist in Marcus & Millichap’s Phoenix office, represented the original developer/Seller of the property on an off-market basis and the buyer who purchased via a 1031 tax deferred exchange.
Pavilions At San Tan Heights is located at 1749 W Hunt Hwy in San Tan Valley, AZ. It was originally constructed in 2008.
Western Millwork
Marcus & Millichap also announced the sale-leaseback of Western Millwork, a 53,642-square foot three property industrial portfolio located in Phoenix, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the portfolio sold for $4,400,000.
Ross Sanzari and Jay Krew, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the Seller. The Buyer, AIC Ventures, was secured and also represented by Jay Krew and Ross Sanzari.
Western Millwork is located at 2940-2920-2810 W Willetta St. in Phoenix, AZ. According to Ross Sanzari, “This was a sale-leaseback transaction put together by Marcus & Millichap in which the Sellers were looking to divest a portion of their real estate portfolio to capitalize on the strong investor demand for a quality tenant in an excellent location.” “In addition to the buyers securing a long term, quality client, they could purchase three strategically located buildings. Combining that with favorable initial lease rates created a win-win for both parties,” added Jay Krew.
Goodwill – 13 Yrs
Marcus & Millichap announced the sale of Goodwill – 13 Yrs, a 32,398-square foot net-leased property located in Mesa, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,881,000.
Jamie Medress and Mark Ruble, 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.
Goodwill – 13 Yrs is located at 2039 W Guadalupe Rd in Mesa, AZ.
Raising Cane’s
Marcus & Millichap announced the sale of Raising Cane’s, a 3,616-square foot net-leased property located in Casa Grande, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,080,000.
Jamie Medress and Mark Ruble, 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 partnership, was also secured and represented by Jamie Medress and Mark Ruble.
Raising Cane’s is located at 2469 E Florence Blvd in Casa Grande, AZ.
Yuma Plaza
Marcus & Millichap announced the sale of Yuma Plaza NNN Shops, a 8,720-square foot retail property located in Yuma, AZ.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,100,000 ($355 per square foot). Sanford Burstyn, in Marcus & Millichap’s Phoenix office, marketed the property and represented the seller/developer and Matthew Porter in Marcus & Millichap’s Salt Lake City office represented the buyer.
The Yuma Plaza, a jewel box occupied by Five Guys Burgers, Eyemart Express and Edward Jones is located directly across from Yuma Palms Regional Center, a development featuring a 1,000,000 square foot outdoor lifestyle center anchored by Target, Sam’s Club and Kohl’s. “Yuma Plaza is located in the submarket’s most successful shopping district and benefits from close proximity to the Yuma Palms Regional Center.” said Burstyn. In addition to Yuma Palms, the subject property benefits from neighboring tenants including Starbucks, Chick-fil-A, In & Out Burger and Freddy’s Custard.
Sherwin Williams
Marcus & Millichap announced the sale of Sherwin Williams – ASU Location, a 4,400-square foot net-leased property located in Tempe, AZ. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,988,600.
Chris Lind, Jamie Medress and Mark Ruble, 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 sale received multiple offers and had an all cash buyer.
Sherwin Williams – ASU Location is the brand’s newest prototype design building, located at 729 E Broadway Rd in Tempe, AZ. According to Chris Lind, “The property is a redevelopment of a long-standing c-store property and will serve the Arizona State University Student population, as well as the surrounding neighborhoods.”
