Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Indigo Springs, a 240-unit multifamily asset in Mesa, Arizona. The property sold for $56.4 million, or $235,000 per unit.
“The Southeast Valley is one of the densest employment regions in the state and Indigo Springs is one of just 10 assets built in the South Mesa submarket over the last 20 years,” said IPA executive managing director Steve Gebing. Gebing and IPA executive managing director Cliff David represented the seller, TA Realty and procured the buyer, Taurus Investment Holdings.
Completed in 2000 on 10 acres, the community is located just north of U.S. Route 60/Superstition Freeway and Stapley Drive on- and off-ramps, and close to employment in the Northwest Gilbert Corridor. Route 60 provides immediate accessibility to Loop 101/ Price Freeway and Loop 202/Red Mountain Freeway, which gives residents direct connectivity to Mesa, Tempe, Gilbert, Chandler, and Phoenix. Shopping is nearby at the Stapley Marketplace and the Mesa Grand Shopping Center.
Marcus & Millichap sells 2-property storage portfolio
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 Extra Space Storage (Managed) Portfolio, a two-property self-storage portfolio with facilities located in Scottsdale and Chandler, Arizona. Built in 2018, the facilities feature Class A construction and amenities spanning 176,610 net rentable square feet across multiple levels.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, and Ryan Sarbinoff, Vice President, in the firm’s Phoenix, Arizona office, had the exclusive listing to market the property on behalf of the seller, a joint venture between Vintage Partners, LLC and Blue Vista Capital Management. “We felt we could maximize value on these newer assets given their best-in-class design, lease up momentum and locations,” said Schlosser. “The response we’ve received on this deal as well as others across the country in recent months speaks to the continued confidence investors have in an asset class that has fared quite well despite the recent economic disruption.” The buyer was Public Storage, a California based REIT who is the largest owner operator of self-storage facilities in the world. The buyer was also secured by LeClaire and Schlosser.
The Extra Space Storage (Managed) Portfolio has locations at 1650 North Pima Road in Scottsdale, and 2090 South Dobson Road in Chandler.
$46.75M multifamily sale brokered by IPA in Phoenix
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Grove Deer Valley, a 2o8-unit apartment asset in Phoenix, Arizona. The property sold for $46.75 million, which equates to $224,759 per unit.
“The property is supported by a large and diverse base of professionals working in one of Northwest Phoenix’s densest concentration of employers,” said IPA executive managing director Cliff David. “The mix of classic and renovated apartment homes plus the opportunity to upsize the renovation scope within the already renovated units presents new ownership with a multilayered repositioning opportunity.” David and IPA executive managing director Steve Gebing represented the seller, a partnership between RedHill Realty Investors and Shelter Asset Management, and procured the private buyer.
The asset is located in the Deer Valley region of North Phoenix, proximate to Loop 101/the Agua Fria Freeway and the Interstate 17 and Deer Valley employment corridors. Major employers in the region include USAA, Discover Financial Services, Blue Cross Blue Shield, Farmers Insurance and Valor Global. The HonorHealth Deer Valley Medical Center, Banner Thunderbird Medical Center, and Abrazo Arrowhead Campus are within a five-mile radius of the community and Arizona State University’s West Campus is three miles away. The nearby Bell Road Retail Corridor provides The Grove Deer Valley’s residents with access to over 5.6 million square feet of retail, dining, and entertainment opportunities.
Built in 1996 on nearly nine acres, the property’s unit mix of one-, two- and three-bedroom apartments offers full-size washers and dryers, walk-in closets, and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a contemporary fitness center, a resort-inspired swimming pool and entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park.
Marcus & Millichap sells Whataburger in Scottsdale
Marcus & Millichap announced today the sale of Whataburger, a 2,964-square-foot net-leased property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,860,000.
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. The buyer, a private investor, was procured by Ruble.
Whataburger is located at 9990 North 90th Street in Scottsdale as an outparcel to a Home Depot-anchored shopping center. This asset includes an absolute triple net corporate lease with two years remaining and 4.5% rental increases in each renewal option. The property was built in 1998 on 0.66 acres.
Marcus & Millichap sells Big O Tires in Apache Junction
Marcus & Millichap announced the sale of Big O Tires, a 6,144-square-foot net-leased property located in Apache Junction, Arizona. The asset sold for $2,635,000, according to Grant Fitzgerald, Associate Regional Manager of the firm’s Columbus office.
The buyer, a family trust, was secured and represented by Zachary Turner, Erin E. Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland office. Ryan Sarbinoff, Regional Manager and Broker of Record assisted in closing this transaction.
Big O Tires is located at 35 South Idaho Road in Apache Junction, Arizona. Big O is a subsidiary of TBC Corporation and has grown to be one of the most prominent retail tire shops in North America with over 450 independently owned and operated locations across 23 states. The subject property was built in 2018 and is an outparcel to a Fry’s Supermarket.
Marcus & Millichap sells El Pollo Loco in Tucson
Marcus & Millichap announced today the sale of El Pollo Loco Ground Lease, a net-leased property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,632,000.
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. El Pollo Loco Ground Lease is located at 4755 South Landing Way in Tucson, Arizona. This 2,405-square-foot building with a drive-thru was constructed in 2020 on a 0.82-acre lot. The asset includes a brand new 20-year absolute triple-net (NNN) ground lease with 2% annual rental increases.
Marcus & Millichap sells 3 apartment properties in Tucson and Sierra Vista
Marcus & Millichap announced today the sale of Casa Loma, Vista Village and Highland Woods, three apartment properties located in Sierra Vista and Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Tucson and Phoenix offices, the assets sold for $10,850,000, $9,900,000 and $9,950,000 respectively.
“The multifamily sector has long held strong against uncertainty and economic swings, and the Covid-19 pandemic has proven to be no exception. Through the midst of a global pandemic, rent collections and occupancy rates have remained high in Sierra Vista and Tucson, boosting investor confidence,” said Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson office. Panahi had the exclusive listing to market the properties on behalf of the seller, a limited liability company.
Casa Loma is located at 6639 East Broadway Boulevard in Tucson. Vista Village is located at 1125 North 7th Street in Sierra Vista. Highland Woods is located at 555 North 7th Street, Sierra Vista.