PRESCOTT, 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 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 ($103 PSF).
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.