PHOENIX, 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 14001 North 7th Street, Building A, a 6,000-square-foot office property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,550,000 ($258 PSF).
“The asset presented both owner users and investors an opportunity to acquire a medical office with a credit rated physical therapy tenant,” says Justin Smith, investment specialist in Marcus & Millichap’s Phoenix office.
Smith, Peter Bauman and Tivon Moffitt had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a property management company based in Chandler, Arizona, was also procured by Smith, Bauman and Moffitt. The buyer plans to introduce a medical tenant to the vacant suite.
The subject property is located at 14001 North 7th Street within Moon Valley Corporate Center in Phoenix, Arizona. The center features monument signage and excellent exposure and visibility from 7th Street, where traffic counts exceed 40,000 vehicles per day. Constructed in 2004, the HOA takes care of all outside expenses including the roof, landscaping, paint and maintenance.