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 Sora on Rose, a 92-unit multifamily asset in Phoenix, Arizona, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The property sold for $14.5 million, which equates to $157,609 per unit.
“Located in the highly coveted uptown Phoenix submarket within walking distance to some of the most desirable dining accommodations and directly between the Camelback and Innovation Corridors, Sora on Rose is perfectly situated to sustain a competitive advantage in a region with significant barriers to future competition,” said Paul Bay, vice president investments, who along with IPA executive managing directors Cliff David and Steve Gebing represented the seller. Darrell Moffitt, senior vice president investments, procured the buyer. “The value of the asset is enhanced by the prospect of property-wide value-add opportunities,” added Moffitt.
Built in 1971, Sora on Rose is located on 2.7 acres north of the intersection of 16th Street and Bethany Home Road. Residents can walk to some of the neighborhood’s most desirable dining destinations and easily access State Route 51. The average unit size is 815 square feet.
Marcus & Millichap sells Prescott airport industrial property
Marcus & Millichap announced he sale of Prescott Airpark NNN Flex Industrial, a 30,020-square-foot industrial property located in Prescott, Arizona, according to Skyler G. Cooper, regional manager of the firm’s Denver office. The asset sold for $3,100,000.
Cory Gross, first vice president of investments in Marcus & Millichap’s Denver office and director of the firm’s Retail Division, had the exclusive listing to market the property on behalf of the seller, Value Investment Group. The buyer, a private California-Based 1031-exchange buyer, was also secured and represented Gross in conjunction with Marcus & Millichap’s Arizona Broker of Record, Ryan Sarbinoff.
“We received several offers on the property and ended up closing with an all-cash 1031-exchange buyer out of California,” according to Gross. Derek Caldwell, an investment specialist in Marcus & Millichap’s South Bay office, sold an owner/user property in Los Angeles and exchanged the seller into this stabilized investment opportunity in Prescott.
“Prescott Airpark industrial park is well positioned and easily accessible to major transportation hubs including Prescott Regional Airport which recently received a $10 million FAA Grant for construction of a new terminal. The property was 100 percent occupied by a mix of national and regional tenants. The property was built in 2000 and all of the tenants are on NNN leases, which is ideal for an out-of-state passive investor,” Gross commented.
Marcus & Millichap sells Bella Rosa in Mesa
Marcus & Millichap announced the sale of Bella Rosa, a 28-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,300,000.
“Given the desirable unit mix, layout, 2000’s vintage and on-site amenities, Bella Rosa is a prime candidate for a light programmatic interior renovation,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a tenant in common, was also procured by Bay.
Bella Rosa is located at 6521 East University Drive in Mesa, Arizona. The property is located within close proximity to the Falcon Field employment corridor as well as a network of reputable East Valley medical centers. Units feature vaulted ceilings, patios and in-suite laundry.