Marcus & Millichap completes $21M all-cash industrial sale/leaseback
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the $21 million sale/leaseback of a two-property industrial portfolio. The properties are a 56,000-square-foot rail-served lumber yard and industrial building in Roseville, California, and a 79,000-square-foot manufacturing facility in Chandler, Arizona.
The Phoenix-based industrial team of Jay Krew and Paul Berkner, both members of Marcus & Millichap’s National Office and Industrial Properties Group, represented the seller, Erickson Construction, and procured the buyer, STORE Capital Corp. Russ Moroz, senior associate in Sacramento, assisted with the Roseville property sale. Kent Williams, senior vice president, is Marcus & Millichap’s broker of record in California. Ryan Sarbinoff is the firm’s broker of record in Arizona.
“With pricing returning to near peak levels, the sellers capitalized on a perfect opportunity to capture the appreciated equity in order to redeploy the capital into other business interests,” says Krew.
“Jay and Paul partnered with Erickson to understand their needs and develop a strategy to accomplish Erickson’s financial goals,’ adds Ryan Sarbinoff, vice president and regional manager of Marcus & Millichap’s Phoenix office. “Throughout the marketing process, STORE Capital demonstrated that it was qualified and motivated to acquire both sites and work with Erickson to ensure a quick and seamless closing.”
The Chandler location is Erickson Construction’s corporate headquarters. It is located 10 minutes from Sky Harbor International Airport and within three-quarters of a mile of Interstate 10 and Loop 202. The property features office, warehouse, production and manufacturing space, plus room for expansion. The Roseville property features an active Union Pacific Rail spur and 630 feet of frontage on Industrial Avenue.