MESA, Arizona – 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 Carriage Executive Office, a 7,777-square-foot office property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,050,000.
“The seller originally owned and occupied the property but decided to sell after he retired and sold his business,” explained Alan Laulainen, investment specialist in Marcus & Millichap’s Phoenix office. Laulainen alongside Chris Lind, Jamie Medress and Mark Ruble, also investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“The buyer, an owner user, intends to take the vacant space and as they grow, expand into areas with lower rent payers first and to hold for income generation and tax benefits,” Laulainen added. Marcus & Millichap’s platform expanded the agents’ market reach to allow private investors to find the listing. Laulainen had represented clients in the sale of the building next door almost exactly a year ago, and remarked, “The executive office building stayed largely full throughout the pandemic. The only vacancy was the result of a retirement and not market forces.”
Carriage Executive Office is located at 2651 West Guadalupe Road in Mesa, directly off the Loop 101 freeway. This 14-suite office building was constructed in 1984 on 0.66 acres of land. There is a strong daytime population of 564,038 employees in the surrounding area, and approximately 416,768 people reside within five miles of the property.