Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 2 North 59th Avenue, a 124,620-square-foot industrial distribution warehouse located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,550,000.
“The exclusive offering of 2 North 59th Avenue presented a rare opportunity for a buyer to acquire a value-add distribution warehouse asset boasting highly attractive freeway frontage exposure in the West Valley,” said Paul Berkner, an investment specialist in Marcus & Millichap’s Phoenix office. “While this property attracted strong interest from multiple investors, ultimately a user was identified as the best fit to take advantage of this exceptional location for his company operations for years to come.”
Berkner had the exclusive listing to market the property on behalf of the seller, a limited liability company looking to sell excess property while consolidating those operations in other company facilities. The broad outreach provided by Marcus & Millichap to a large investment buyer pool generated significant nationwide interest and resulted in ten offers over the course of the listing period. “As an out of town seller I had concerns on how to navigate this transaction,” added the seller. “I was pleasantly surprised on the level of guidance and support provided by Paul and the Marcus & Millichap team. They facilitated a seamless and trouble-free transaction which would not have been possible otherwise.”
The buyer, a limited liability company that plans to occupy the building to use for the manufacturing and distribution of their product line, was also procured by Berkner and completed an all-cash transaction. The buyer stated, “It was my pleasure to work with Paul. His knowledge and professionalism was invaluable in making this a win-win transaction for us and the seller.”
2 North 59th Avenue is a 124,620-square-foot industrial distribution warehouse located in a high-growth area with frontage on the new Loop 202 freeway. It was built in 1975 on a 5.37-acre lot and underwent an expansion in 1985. The property includes an air-conditioned office and evaporative-cooled warehouse as well as 54 parking spaces.
Marcus & Millichap sells 12,753-SF medical office in Flagstaff
Marcus & Millichap announced the sale of the Flagstaff OB/GYN & Sonora Quest Lab medical office building, a 12,753-square foot property located in Flagstaff, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,000,000.
“The Marcus & Millichap platform combined with our team’s efforts to market the property exceeded the seller’s expectations while providing for a smooth transition to the new buyer, a Texas limited partnership,” said Alan Laulainen, investment specialist in Marcus & Millichap’s Phoenix office. “We received five offers within two weeks, a drastic change from the negligible offer activity received in the six months the property was originally marketed with their prior listing agent,” he added.
Laulainen, lead agent on the listing, had the exclusive listing to market the property on behalf of the seller, a limited liability company, alongside his team members Mark Ruble, Chris Lind and Jamie Medress. The seller was looking to reduce out-of-state management and the buyer intends to fill the one vacancy and hold for investment income.
Flagstaff OB/GYN & Sonora Quest Lab medical office building, constructed in 1989, is located at 1100 North San Francisco Street in the heart of the Flagstaff medical corridor directly across from Flagstaff Medical Center’s emergency entrance. The property’s largest tenant, Flagstaff OB/GYN is affiliated with Northern Arizona Healthcare Corp. (Flagstaff Medical Center) taking up approximately 45% of the building with the balance of tenants being Sonora Quest Laboratories, Northern Heights Dental (Jacob Williams DMD), and Synergistic Healthcare (Jacqueline Poulos, NMD).
The property had one 1,458-square-foot vacancy at the time of sale. During escrow, Laulainen facilitated a lease extension, coordinated deferred maintenance repairs, and negotiated a cost-sharing agreement with the nearby hospital to repair dilapidated portions of the parking lot.
Marcus & Millichap sells Cypress Commons in Mesa
Marcus & Millichap announced the sale of Cypress Commons, a 48-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,720,000.
“Given its convenient location between the Mesa Riverview and Downtown Mesa, Cypress Commons is well-positioned to capture a resident population from the nearby retail and industrial centers,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “The asset is a prime candidate for light programmatic interior renovations due to the vintage, unit mix and existing asset amenities,” he added.
Bay had the exclusive listing to market the property on behalf of the seller, a tenant in common. The buyer, a developer, was also procured by Bay. Cypress Commons is located at 447 West Rio Salado Parkway in Mesa, Arizona.