Marcus & Millichap Arranges the Sale of a 19,747-SF Multi-Tenant Industrial/Flex Property in Scottsdale, AZ

7601 East Gray Road, Scottsdale, AZ

SCOTTSDALE, Ariz. Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 7601 East Gray Road, a 19,747-square-foot multi-tenant industrial/flex property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,035,000 ($154 PSF).

Jay Krew, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. By exclusively marketing to the firm’s clients and internal network of agents, Krew identified a group of investors specifically searching for 1031 exchange properties in the valley. After receiving multiple offers on the asset, Krew was able to procure the buyer, an investor in a 1031 exchange. Krew explained, “The buyer recently moved into the Phoenix area and was looking to liquidate a lower-yielding San Francisco multi-family property into a higher-yielding industrial property in the prestigious Scottsdale Airpark.”

The property is located at 7601 East Gray Road in Scottsdale, Arizona, just a few blocks east of the Scottsdale Airpark airstrip and near the Loop 101. The subject property is 100% occupied by eight tenants. The property features small-bay units consisting of traditional office/administrative, showroom, and warehouse space to support a variety of tenant usage.




Tucson Ranks #1 for Boomers Retiring Boom

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Realtor.com is reporting Tucson ranks #1 city for retirement by baby boomers.

As the largest generation ever to retire, at around 74 million strong—10,000 per day now hitting age 65—its movements are already having ripple effects in the hottest neighborhoods of many U.S. cities. But where? Realtor.com® found the fastest-growing retirement cities where boomers are moving in. Get ready for the silver tsunami.

To zero in on the best urban retirement meccas, we started by calculating the counties with the greatest numbers of incoming folks aged 55 and up (calculated on a per capita basis), and those that have seen the biggest increases over the past two years, according to the U.S. Census Bureau data. We selected the primary cities from those counties.*

So which cities are experiencing a boomer boom?

1. Tucson, AZ

Median home list price: $290,000**

It’s not exactly a shocker that an Arizona city topped our list. The 286 days of sun a year and reasonable cost of living make the state a perennial favorite among retirees. But budget-conscious boomers craving the city life are bypassing costlier Phoenix, with a median $340,000 list price, for much more affordable Tucson.

The desert city offers a surplus of 65-plus retirement communities as well as a vibrant downtown, extensive bike paths, gorgeous hiking trails, and award-winning Sun Tran bus system. The city has access to more than—count ’em—40 golf courses. Tucson is also home to Banner-University Medical Center, one of U.S. News & World Report’s top 50 hospitals in the country.

The Sam Hughes neighborhood is particularly popular with retirees. The idyllic, tree-lined neighborhood offers plenty of restaurants, coffee shops, and parks within close walking distance—and it’s only a 10-minute trip from downtown. Single-family homes can range from $200,000 to $500,000, some boasting beautiful Southwestern architecture. This four-bed, three-bath home for $499,000 is in a particularly desirable location around the corner from Broadway Village, a shopping center with a natural grocer and a yoga studio.

2. St. Louis, MO

Median home list price: $209,000

Wait, what? St. Louis doesn’t exactly spring to mind as the primary place folks would contemplate for their forever homes. But the ultralow prices, thriving restaurant scene (landing fifth on Food & Wine magazine’s list of best food cities to visit in 2019), and cultural cornerstones such as the newly redone Gateway Arch Museum make it worthy of a second look. And it has a four-season climate that’s still far milder than its northern counterparts.

The big caveat: St. Louis ranks higher overall in crime than most U.S. urban areas. But there are plenty of safer parts of the city. In the highly desirable Boulevard Heights neighborhood, buyers can pick from a wide selection of brick bungalows and cottages on small, easy-to-maintain lots for under $300,000. Boomers love that the area feels secure and quasi-suburban while being a short bike ride away from hip restaurant life in neighborhoods such as Soulard and Southampton (or as locals call it, SoHa).

3. Tampa, FL

Median home list price: $325,000

Yes, Florida’s killer combo of sun, shoreline, and beneficial tax laws make it a home run for aging boomers. And for those who don’t dig the Boca scene, Tampa is particularly appealing—catnip for die-hard urbanites who want to save a few bucks. The cost of living in the Gulf Coast city is way cheaper than Miami (with median home prices of $455,000), and there are plenty of cultural and recreational activities.

The place has gotten significantly more worldly over the years, with eateries serving up nearly every type of cuisine from American small plates to high-priced Japanese tasting menus, as well as great museums and fine places to kayak, bike, and walk. And of course, Tampa’s crystal-clear waters and white sand beaches are some of the nicest in the country.

Active adult communities on the outskirts of town are popular, but walkable South Tampa has become one of the area’s go-to locales for those who don’t want to spend all day riding in golf carts. Boomers have been seeking out condos like this one-bedroom in Bayshore Gardens with views for $200,000.

There’s an influx in sales of properties here with in-law units—like this newly restored home with a separate one-bedroom, one-bathroom suite in the backyard—so boomers can live with their adult children as they age.

“Several of the large, new-construction home builders are creating floor plans specifically for that purpose,” says Philippa Main, a real estate agent with Future Home Realty.

4. Denver, CO

Median home list price: $490,000

Contrary to popular imagination, it’s not just hipper-than-thou millennials flocking to the Mile High City for its thriving job market, outdoorsy culture, and thriving brewery scene. Retirees who can afford the steep price tag are also heading to this mountain city seeking an active lifestyle of their own.

The most expensive city on our list features 300 days of sunshine a year, easy access to fly fishing spots, skiing, rock climbing, hiking trails, golf courses, and a trio of world-class pro sports franchises (go Broncs!).

Basically, you can do just about anything here.

“I was talking to a friend’s 69-year-old dad the other day: On one day in April, he went skiing in the morning, played nine holes of golf in the afternoon, and then saw a concert at Red Rocks,” says Aspen Gold Realty broker and owner Mike Christensen. “That’s how I want to retire.”

Boomers looking to settle into an active retirement community should look at Fairway Villas at Green Valley Ranch, a community with 220 single-family homes ranging in price from the mid-$300,000s to low $400,000s, he says.

Many soon-to-be retirees are also buying low-maintenance condos and townhomes (like this two-bedroom for $299,900) near their children and grandkids. The Indian Creek area is home to quiet streets and offers easy access to the High Line Canal, a 71-mile humanmade waterway that offers tree-covered trails for walking, biking, and horseback riding.

5. Atlanta, GA

Median home list price: $390,000

Boomers who want to be in the thick of things in the South are moving to the center of Atlanta—a cluster of neighborhoods known as Intown. Drab nickname aside, the area is popular with young professionals and retirees alike, both seeking brand-new condos and townhomes in up-and-coming areas.

A cool one-bedroom loft with 20-foot ceilings and a Carrara marble backsplash in Reynoldstown, a gentrifying historic community, can set buyers back around $300,000. Two-bedroom condos in Inman Park, a hip, walkable, more affluent neighborhood, run around $495,000.

Both of these neighborhoods are adjacent to the Beltline, a former railway that encircles the core of the city and connects 45 neighborhoods. While still in development, its 33 miles of multiuse trails currently include a light rail, hiking trails, parks, and public art. Many of the new properties along the Beltline are within walking distance of new breweries, restaurants, and shops.

The burgeoning westside corridor—specifically the English Avenue, Knight Park, and Howell Station neighborhoods—has also been attracting a wide array of folks on the verge of retirement.

“There are a lot of cool, two-story flats coming on the market, along with townhomes and smaller, single-family bungalows,” says Ryan Sconyers, a real estate agent with Graham Seeby Keller Williams.

6. Las Vegas, NV

Median home list price: $323,000

Sin City might be synonymous with bachelorette weekends, buffets, and boozy pool parties, but bronzed 20-somethings aren’t the only ones swarming the Nevada escape. Boomers have good reasons to be running toward Las Vegas and leaving higher-cost markets like Los Angeles. The low costs helped the city land on realtor.com’s ranking of housing markets poised to take off in 2019. The lure of the casinos are an additional perk—or downside, depending on your perspective.

But what sets the city apart in the eyes of boomers (aside from the perpetual dry heat) is the abundance of all-inclusive, 55-plus communities within the city limits. Sun City Summerlin, the largest active-adult community in Nevada, sits right at the base of the Spring Mountain Range and has nearly 7,800 properties spread across 2,400 acres.

Prices for these single-family, ranch-style homes vary widely from $200,000 to $1 million. On the more affordable side of the spectrum, this comfortable two-bedroom, two-bathroom home with a standalone tub and separate shower is listed for $325,000.

Seeking a neighborhood with a bit more age diversity? Check out Spring Valley on the southwest side of the city. It’s a safe, budget-friendly area with plenty of shopping centers and parks.

7. Albuquerque, NM

Median home list price: $260,000

Albuquerque is one of the nation’s more easygoing major cities—and that’s exactly why it appeals to retirees. The relaxed vibe, dry climate, and breathtaking landscape appeal to folks who are looking to slow down but still stay active. The low prices don’t hurt, either.

Boomers who move to the Land of Enchantment are often outdoorsy types who love all of the options the high desert offers. The Sandia Mountains, directly to the east of the city, are great for hiking and biking. The Rio Grande flows right through town, offering kayakers easy access to the water and providing walkers and cyclist miles of trails that wind through its wooded banks.

Boomer buyers can find cute Spanish Pueblo–revival bungalows in the vibrant and walkable Nob Hill neighborhood, on a stretch of Route 66, around $300,000. It’s just a short drive away from the major hospitals in the city, including the University of New Mexico Hospital and Lovelace Medical Center. Nob Hill also boasts hookah bars, taquerias, music venues, and an indie movie theater.

8. Portland, OR

Median home list price: $495,000

Eight seasons of the show “Portlandia” gave the world a satirical, but oh-so-accurate glimpse at the type of people who live in this crunchy city of bearded hipsters, quirky entrepreneurs, feminist bookstore owners, and, yes, older couples navigating retired life.

“Portland is a top destination for boomers because of its proximity to a range of outdoor splendors, many walkable neighborhoods, thriving food and drink scene, public transportation, and relative affordability,” says Lance Marrs, a local real estate broker at Living Room Realty.

In neighborhoods such as the Pearl District in northwest Portland, the abundance of lofts and condos attracts boomers who want access to hip breweries, artisanal coffee shops, and plenty of parks. This one-bedroom, one-bathroom condo next to Jamison Square park is going for $475,000.

If you envision settling down in a single-family home, two-bedroom, two-bathroom bungalows in Alameda and Irvington go for around $600,000. It’s not exactly cheap, but these neighborhoods are within walking distance to restaurants and art galleries. And getting around town on public transportation is a breeze thanks to the Portland Streetcar service and Biketown, the city’s bike-share program.

9. Sacramento, CA

Median home list price: $375,000

California’s capital city has long been known as the state’s sleepier alternative to San Francisco. But young professionals—as well as aging boomers—are changing that. Drawn by the ultralow prices (nearly a quarter of the median $1.42 million list price in San Francisco), they’re transforming the city.

Many of the boomers are heading to trendy and historic East Sacramento, gravitating toward old Victorians and Craftsmen like this four-bedroom home with a newly renovated chef’s kitchen for $879,000. The neighborhood also offers new construction, including this Spanish-style three-bedroom.

“Young boomers tend to like older Victorians with ornate features and hardwood floors because they’ve been in a tract in the suburbs,” says Steph Baker, a real estate agent with Coldwell Banker Residential Brokerage.

The walkable, tree-lined Midtown neighborhood, which is a popular destination for both art and bar crawls, also has an abundance of multifamily homes, including this modernized duplex with two two-bedroom units. Many savvy boomers are buying homes with secondary units, so they can either rent one out or help their kids get into the pricey real estate market.

10. New Orleans, LA

Median home list price: $354,000

They can find those kinds of property in centrally located neighborhoods such as Marigny, Warehouse District, and Central Business District. Many newly arrived, older residents have been picking up fully kitted-out 1,000-square-foot, two-bedroom, two-bathroom condos with details such as crown moulding as well as courtyards in the $400,000 to $500,000 range.

Full article here: https://www.realtor.com/news/trends/the-10-fastest-growing-retirement-cities-in-the-us/



* Ranking was limited to one city per state to add geographic diversity.

** City list prices are as of Aug. 1 from realtor.com.




Renowned economic expert Dr. Christopher Thornberg to address 21st Annual Arizona Self-Storage Conference

PHOENIX, ARIZONA – Dr. Christopher Thornberg is well known for forecasting the subprime mortgage market crash that began in 2007 and was one of the few economists on record to predict the global economic recession that followed.

Dr. Thornberg is a featured speaker and will present “Will the Real Economy Please Stand Up?” at the 21st Annual Arizona Self-Storage Association (AZSA) Conference & Trade Show Sept. 25 and 26 at the Wild Horse Pass Hotel & Casino, 5040 Wild Horse Pass Blvd., in Chandler.

AZSA is the trade association that represents the self-storage industry in Arizona.

“AZSA consistently strives to bring in speakers with the credentials of Dr. Thornberg to address our conference,” said Dave King, Managing Director, Self Storage, for Wentworth Property Company and AZSA President. “Whether it’s the U.S. economy or the local economy, speakers at our conference present the most accurate, timely and relevant information.”

Dr. Thornberg will speak on Sept. 25. Beacon Economics LLC was founded by Dr. Thornberg in 2006. It’s one of the most respected research organizations in the country, serving public and private sector clients across the U.S. He is an expert in economic and revenue forecasting, regional economics, economic policy and labor and real estate markets.

“Phoenix is one of the most successful cities in the U.S. from a growth perspective,” he said. “That’s a huge upside. That’s where people are moving. It still has a relatively low cost of living in relation to other parts of the country. As long as that continues the next couple of years, the Arizona market will be strong.”

Appearing on a podcast for RE Radio in California, Dr. Thornberg discussed the inverted yield curve the financial market witnessed recently.

“We do not really know the answer,” he said when asked if the likelihood of a recession will increase. “Every one of the last recessions was preceded by an inverted yield curve. It is probably one of the strongest indicators that we are about to go into a downturn.

“There are typically other issues at play. The Federal Reserve is typically responding to some growing imbalance inside the economy. The result is rates being pushed up to try and cool things off to invert the yield. It is a symptom of another underlying problem rather than a problem itself.”

The AZSA conference comprises the Owners Summit on Sept. 25 and the Operational Symposium on Sept. 26. The annual golf tournament precedes the conference Sept. 24 at Whirlwind Golf Club at Wild Horse Pass.

This year’s theme is “Embracing Change to Compete Today.”

“Self-storage is no longer under the radar as an asset class. If you are an investor or business owner, there’s never been a more important time to know what’s going on in the industry. Due diligence is more important than ever before,” King said.

The conference will include vendor/sponsor exhibits in the showroom where presentations take place. Registration fee is $190 for owner/operator members; $240 for owner/operator non-members. Register here.