MESA, Ariz. – Marcus & Millichap (NYSE: MMI), has announced the sale of AZ Tech Radiology, a triple-net-lease property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1.92 million ($247 PSF).
Alan Laulainen, Chris Lind, Jamie Medress, Mark Ruble, net-lease 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 that was looking to invest the proceeds from the sale into other business ventures. The seller initially reached out to Jay Krew, an office and industrial specialist in the firm’s Phoenix office, who then utilized the firm’s collaborative platform to align the seller with the net-leased team that could best assist in the transaction.
“This transaction had an absolute triple net lease in place (7.8 years remaining) with 5% annual increases. This lease structure provides the buyer with an outstanding leveraged return and no management responsibilities,” Laulainen commented. “The sellers were ecstatic having achieved their pricing goals using the Marcus & Millichap marketing platform.”
The buyer, an individual/personal trust and long-time client Marcus & Millichap, was secured and represented by Richard Butler, a multifamily investment specialist in the firm’s Phoenix office. “The buyer previously sold his retail building in December with our assistance and wanted to acquire a hands-off investment,” Butler stated. “The property had a significant amount of offer activity and we brought a full-price offer, with fast due-diligence and no loan contingency.”
AZ Tech Radiology is located at 2653 West Guadalupe Road in Mesa, Arizona. Built in 1984, the 7,777-square-foot medical office is situated on 0.18 acres of land along West Guadalupe Road, which sees over 22,000 vehicles per day. The asset is positioned directly off the Loop 101 Freeway and just three miles away from Banner Desert Medical Center and Mesa Community College.