PHOENIX, Arizona – 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 S&T Plaza Apartments, a 72-unit apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $8,300,000 or $115,278 per unit.

Rich Butler, a Senior Vice President Investments in Marcus & Millichap’s Phoenix office, negotiated the sale on behalf of the buyer, an out-of-state 1031 exchange client. “Built in 1982 and completely renovated in 2019, S&T Plaza Apartments is comprised of one and two-bedroom units that have experienced major interior renovations including upgraded granite countertops, full sized new appliances (including washer and dryers) and wood laminate floors. The property has also undergone major exterior improvements within the last year such as all new HVACs, new windows and doors, resurfaced pool and deck, a new leasing office and additional laundry and storage room,” said Butler.

The property is located at 2130 West Indian School Road in Phoenix, Arizona. “S&T Plaza Apartments is near Interstate-17, which connects residents to all parts of the valley including downtown Phoenix and the surrounding metro area. Residents also enjoy easy access to the Phoenix Metro Light Rail Station which offers alternative transportation options to connect with popular employment corridors such as Downtown Phoenix, the highest concentration of employment in the state. Only two blocks to the west of S&T Plaza Apartments is Grand Canyon University, which has over 20,000 on-campus students and is projected to exceed 30,000 students in the coming years,” added Butler.

TUCSON, ARIZONA – The online MBA program in the Eller College of Management at the University of Arizona has been ranked as the 11^th best program in the country by Poets&Quants. The program is now #5 among public universities. When calculating results, Poets&Quants takes into account three key aspects of the higher education experience: the quality of incoming students, academic and extracurricular experience and career outcomes. School administrators and recent alumni were surveyed to create the 2020 ranking.

The 2020 ranking is Poets&Quants’ third annual ranking. Last year, Eller’s online MBA program was ranked #15 overall. The program is also ranked #21 overall and #15 among publics by U.S. News & World Report.

“This ranking shows that the quality of our online MBA program is unmatched in the state of Arizona and second only to the University of Southern California in the Southwest United States,” said Paulo Goes, Dean and Halle Chair in Leadership.

TUCSON, ARIZONA – Being called the Culinary Dropout corridor at Tucson Blvd and Grant Road, Phoenix-based Common Bond Development partnered with Tucson’s Larsen Baker to construct at 12,000-square-foot building at 2500 East Grant Road. Common Bond also developed the Orange Therapy Fitness and Culinary Dropout building across the street at 2501 E Grant Road at the former Grant Road Lumber Yard

The new multi-tenant building at 2500 East Grant located on the southeast corner of Tucson Blvd. and Grant Road, is mostly pre-leased with two new restaurant concepts for Tucson coming and a barber shop. There is only a 1,900 square-foot space still available.

With plans to open Q1 2020, Snooze from Colorado and Postino out of Phoenix will be the two restaurants opening next to Dante’s Fire.

This will be the first Snooze in Tucson, a breakfast and lunch eatery with a bar menu, has leased a 4,000-square-foot space. Snooze is a restaurant concept from Colorado that has been grown from the Denver Ballpark neighborhood in 8 years to 37 locations in Colorado, California, Arizona and Texas.

Phoenix-based Postino WineCafe is also expanding here into a 4,000-square-foot space. Postino currently has six locations in metro Phoenix, with additional locations in Texas and Colorado.

“Postino has always been focused on serving our surrounding community and really becoming a part of the fabric of a neighborhood,” Postino CEO Lauren Bailey said in a press release. “So while we looked at dozens of potential sites over the years, it wasn’t until we walked this site with [developer] Brian Frakes and explored the amazing neighborhood, including local favorite like Dante’s Fire and Kingfisher, that we knew we’d found the perfect home for Postino in Tucson.”

The developers, Grant & Tucson Redevelopment II, LLC, recently purchased the adjoining property at 2526 East Grant Road leased to Dante’s Fire for $530,000 ($239 PSF) and will continue to lease the popular gastropub & cocktail bar with late hours serving locally sourced New American cuisine.

Larsen Baker self-represented the developers and is handling the leasing at 2500 E Grant Road.

To learn more, see RED Comp #7174.