MESA, 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 a 9,198-square foot retail property with three corporate-leased tenants, Chipotle, AT&T, & Cici’s, located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,480,000 ($705 PSF).

Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the retail property on behalf of the seller, a partnership. The property, an out-parcel to a Target-anchored shopping center, is located at 1411 South Power Rd in Mesa where it is visible to over 49,000 vehicles per day. Positioned directly off US-60 and 2.5 miles from AZ-Loop 202, it can be easily accessed by the 270,000+ residents within a five-mile radius.

Flagstaff Investor Enters Phoenix Market with Acquisition of East Valley Property

Mesa, Arizona – Days Inn Mesa, a three-story hotel property at 333 W. Juanita Ave. in Mesa, AZ has been sold for $7.6 million. Flagstaff investor Paul Keshav purchased the property as his first Metro Phoenix portfolio asset.

“We were really pleased to help Paul acquire this Days Inn in Mesa,” stated Mike Montoya with Colliers International in Arizona. “The property has been on his radar for a while and we were happy to assist in getting the asset at a price that was desirable for both the buyer and seller. We really believe this was a win-win for both parties.”

Keshav purchased the hotel property from Brutger Equities, Inc. of St. Cloud, MN. Montoya, an associate with the Meng-Grantham Hospitality Team at Colliers International in Arizona, handled the transaction.

Days Inn Mesa is a three-story, interior corridor hotel that contains 120 guest rooms. Built in 1986 and remodeled in 2014, the property is located in the valuable Superstition Corridor submarket of Mesa. Situated within a mile of US 60, the hotel provides convenient access to all areas of the East Valley.

“Keshav and his investors have long-term plans to expand their portfolio within Arizona,” said Montoya. “The buyer operates a hotel in Flagstaff and was keenly interested in penetrating the Phoenix market. He had been watching the property for quite some time and the opportunity became ideal to strike a mutually beneficial transaction.”

SAN DIEGO, Calif. – Westcore Properties has sold a 6,350,000-square-foot, Class A industrial property portfolio to San Francisco-based Stockbridge Capital Group for an undisclosed sum.

“We were pleased with the completion of this portfolio transaction to Stockbridge, which we strategically assembled over the past several years in primarily off-market transactions, at a notable gain for our shareholders,” said Westcore Properties’ chairman Marc Brutten.

With 26 assets across nine markets in five states, the portfolio is nearly 100% leased, despite many of the properties being vacant at the time of Westcore’s purchase. Westcore acquired all of the properties in the portfolio since September of 2016 and renovated nearly all of them.  The buildings’ tenants are primarily big-box and last-mile users.

“This sale demonstrates our business strategy,” said Don Ankeny, president and CEO of Westcore Properties. “We’re careful to select value-add properties where we can make a difference and return a premier asset to a thriving industrial market.”

The portfolio includes properties in:

California
927 E. 9^th Street & 7776 E. Tippecanoe Ave., San Bernardino
22705 Newhope St., Moreno Valley
3834 Duck Creek Drive, Stockton
133 & 155 Mata Way, San Marcos
500-938 S. Andreasen Drive, Escondido
13915 Maryton Ave., Santa Fe Springs
2200-2300 Wilbur Ave. & 2110-2300 Wilbur Lane, Antioch
1627 Army Court, Stockton
4545 Qantas Lane, Stockton
1050 E. Grant Line Road, Tracy
5675 Sunol Blvd., Pleasanton

Arizona
7037 W. Van Buren St., Phoenix

Nevada
445 E. Glendale Ave., Sparks
550 Coney Island Drive, Sparks
960 United Circle Drive, Sparks
980 United Circle Drive, Sparks
1050 Spice Islands Drive, Sparks
1750 Purina Way, Sparks
940 Spice Islands Drive, Sparks
1277-1295 Spice Islands Drive, Sparks
750 Spice Islands Drive, Sparks
748 Spice Islands Drive, Sparks
700-742 Spice Islands Drive, Sparks
1259-1275 Spice Islands Drive, Sparks

Utah
4745 Amelia Earhart Drive, Salt Lake City

Indiana
135 S. Mt. Zion Road, Lebanon

“We are very positive about the underlying market fundamentals for industrial property,” added Ankeny. “We’re continuing to work with our broker partners to identify and secure industrial properties in established and emerging markets where we can unlock value and continue to grow our business.”

Stephen Silk, Jay Borzi and Adam Pastor of Eastdil Secured represented Westcore Properties in the sale, while Stockbridge Capital Group represented itself.