GLENDALE, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of three-acre parcel of land located in Glendale, Arizona. The asset sold for $700,000.
“The owner, who initiated a townhouse project on the parcel in the early 1980s, has been looking for a buyer with the expertise needed see the development to completion,” stated Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office. “With all of the development activity in the immediate area of the property, we received significant buyer interest and an offer above list price.” Rullo, Michael Farrar and Ross Smith, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a personal trust. The buyer, a limited liability company, was procured by Rullo, Farrar and Smith.
The asset is located at the Northwest Corner of West Glendale Avenue and 77th Lane in Glendale, Arizona. Rullo added, “The current residents and HOA Board members are very happy to see the community back on track and moving towards completion.”