PHOENIX, Arizona – 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 Heatherbrae, a 23-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,600,000 ($113,043 per unit).

“Centrally located between Grand Canyon University and the Central Avenue employment corridor, Heatherbrae provides residents nearby access to a variety of employment options,” said by Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to renovate interiors and stabilize with a favorable premium already proven out in the submarket.” The buyer, an individual/personal trust, was procured by Bay.

Heatherbrae is located at 2121 & 2201 West Heatherbrae Drive in Phoenix, Arizona. Built in 1962, this single-level property consists of all two-bedroom/one-bathroom floorplans.

PIMA COUNTY, Arizona – A commemorative ceremony will take place Jan. 8, 2021, dedicating a memorial at the Historic County Courthouse created for the victims, survivors and first responders of the Tucson shooting that claimed six lives.

Because of the ongoing pandemic, only a handful of people will gather shortly before 10 a.m. Jan. 8 for the ceremony, which will be live-streamed via a pool camera provided by KVOA-Channel 4. The ceremony, which will not be open to the public, may be viewed on Pima County’s Facebook page.  Several local television stations, including KVOA, are expected to broadcast the ceremony.

The dedication will include:

• Presentation of flags from an honor guard comprising representatives from the Northwest Fire District, Pima County Sheriff’s Department and other first responders
• Opening prayer offered by Rev. Joe Fitzgerald, Banner University Medical Center chaplain
• Remarks from Ron Barber, president of the January 8 Foundation’s Board of Directors who was wounded in the attack
• Bell ringing at exactly 10:10 a.m. to coincide with when the first shots were fired

The ceremony will then segue into an eight-minute video produced by Pima County’s Communications Office reviewing some of the events of the day, an introduction to the Memorial, how it came together and the reactions of some of the survivors and family members of victims who have toured the Memorial.

The Memorial, which is located just west of the Historic Courthouse in El Presidio Park and called “Embrace,” tells the story of the lives lost and people wounded at the hand of a gunman on January 8, 2011, at Congresswoman Gabrielle Giffords’ “Congress on Your Corner” event in Tucson. It features sloping walls that depict symbols embodying the values and interests held by each of the six people who died and the 13 survivors.

In addition, the Memorial showcases symbols dedicated to the community of first responders, Tucson’s history, and the aspirations of the community for the future. The Memorial also features gardens named for each of the six victims.

Tucson’s January 8th Memorial Foundation is a non-profit 501c3 which was organized to fund and build a permanent memorial commemorating the Jan. 8 shootings. The firm CHEE SALETTE, founded in 2009 by Tina Chee and Marc Salette, created the January 8^th Memorial following a national design competition.

County officials hope to have the Memorial open to the public by early February, depending on the status of the COVID-19 public health emergency.

STANFIELD, Ariz. – 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 Family Dollar, an 8,320-square-foot net-leased property located in Stanfield, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,315,000 ($158 PSF).

Zack House, Mark Ruble, Chris Lind and Jamie Medress, 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 Wisconsin investor that had worked with Marcus & Millichap in the past, was in a 1031 exchange and looking for mailbox income,” said Tony Sanicola, senior associate in Marcus & Millichap’s Milwaukee office. “She was especially interested in Arizona because she has a second home there.”

The buyer was procured by Sanicola alongside Thomas Pogodzinski, senior associate also in the firm’s Milwaukee office. Michael Hughes of Marcus & Millichap Capital Corporation (MMCC) secured the debt for the property and was able to provide the buyer with a 10-year note at 3.85%, 70% LTV.

Family Dollar is located at 60 Albany Way along AZ-84 in Stanfield, Arizona. The asset has eight years remaining on a corporate-guaranteed lease. Limited competition surrounds Family Dollar with few retailers in town.