Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 4.88 acres of development land in Peoria, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $875,000.
Ross Smith, Michael Farrar and Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was procured by Cushman & Wakefield.
“This was the buyer’s first Arizona development site acquisition,” explained Rullo. “The buyer worked with the City of Peoria staff to secure the necessary conditional use permit for the construction of a self-storage facility. Construction is expected to commence during the summer of 2021.” Rullo noted the combination of COVID-19 delays and being the buyer’s first Arizona venture all contributed to a variety of challenges to move the deal successfully to close of escrow. “The professionalism and tenacity of all parties involved in this transaction eventually got us to the finish line,” he stated.
The 4.88-acre development site is located on North 75th Avenue between Cactus Road & Sweetwater in Peoria, Arizona. This C-2 zoned property is situated in a mature area of Peoria with limited infill land opportunities.
Marcus & Millichap sells Glenrosa Gardens
Marcus & Millichap announced today the sale of Glenrosa Gardens, a 22-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,610,000.
“Located in the heart of the very desirable Biltmore Corridor, Glenrosa Gardens becomes the second successful property sale that Marcus & Millichap has completed for this buyer/seller combination,” said Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “The seller is a long-term Phoenix multifamily owner that has elected to take advantage of the increased values and significant increase in equity realized within this asset.” Moffitt and Paul Bay, vice president investments also in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor.
The buyer, a private investor, was also procured by Bay and Moffitt. According to Moffitt, the buyer has the ability to reposition this community through interior and exterior upgrades and raise rents to the higher levels that have been proven within this submarket.
Marcus & Millichap sells The Vibe on Thomas
Marcus & Millichap announced today the sale of The Vibe on Thomas, a 100-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,200,000.
“Equidistant to the Camelback/Biltmore and Central Avenue employment corridor with nearby access to the Loop 202 and State Route 51, Vibe on Thomas is centrally located amidst a variety of economic hot-zones of Central Phoenix,” said Paul Bay, investment specialists in Marcus & Millichap’s Phoenix office. “With recent major upgrades to the asset’s mechanical, electrical and plumbing systems, new ownership will have the opportunity to focus on completing programmatic interior renovations and light community upgrades.” Bay and Darrell Moffitt, also an investment specialist in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Bay and Moffitt.
The Vibe on Thomas is located at 2735 East Thomas Road in Phoenix, Arizona. The property has 60,395 rentable square feet and consists of 62 one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and 37 studios. It was built in 1969 on 2.26 acres just two miles south of Camelback Employment Corridor and has received approximately $1.8 million in capital improvements. These improvements include the replacement of electrical, removal of chiller systems, addition of both roof-mounted HVACs and in-suite laundry hook-up for all units, interior renovations on 30 units and select community upgrades.