SURPRISE, Ariz., (February 20, 2025) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of a 41.25-acre parcel of land in Surprise, Arizona.
The asset sold for $4,600,000 ($111,515 per acre / $2.56 PSF) on January 15, 2025.
“Pure Heart Church acquired the land from a long-term ownership group that held the property in multiple family trusts. The land was acquired for the purpose of developing a multi-phase church campus to support this growing area of Surprise,” said Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office. Rullo, along with Michael Farrar, investment specialist in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller. The private buyer was procured by Mark Seale and Kevin Helland with Avison Young in Phoenix.
The 41.25-acre parcel of land is located at the southeast corner of North 163rd Avenue and West Dynamite Boulevard in Surprise, Arizona.
“Pure Heart acquired the property without any entitlements from the City of Surprise,” adds Rullo. “No specific development plans or timeline were known at closing.”