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 2 North 59th Avenue, a 124,620-square-foot industrial distribution warehouse located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,550,000.
“The exclusive offering of 2 North 59th Avenue presented a rare opportunity for a buyer to acquire a value-add distribution warehouse asset boasting highly attractive freeway frontage exposure in the West Valley,” said Paul Berkner, an investment specialist in Marcus & Millichap’s Phoenix office. “While this property attracted strong interest from multiple investors, ultimately a user was identified as the best fit to take advantage of this exceptional location for his company operations for years to come.”
Berkner had the exclusive listing to market the property on behalf of the seller, a limited liability company looking to sell excess property while consolidating those operations in other company facilities. The broad outreach provided by Marcus & Millichap to a large investment buyer pool generated significant nationwide interest and resulted in ten offers over the course of the listing period. “As an out of town seller I had concerns on how to navigate this transaction,” added the seller. “I was pleasantly surprised on the level of guidance and support provided by Paul and the Marcus & Millichap team. They facilitated a seamless and trouble-free transaction which would not have been possible otherwise.”
The buyer, a limited liability company that plans to occupy the building to use for the manufacturing and distribution of their product line, was also procured by Berkner and completed an all-cash transaction. The buyer stated, “It was my pleasure to work with Paul. His knowledge and professionalism was invaluable in making this a win-win transaction for us and the seller.”
2 North 59th Avenue is a 124,620-square-foot industrial distribution warehouse located in a high-growth area with frontage on the new Loop 202 freeway. It was built in 1975 on a 5.37-acre lot and underwent an expansion in 1985. The property includes an air-conditioned office and evaporative-cooled warehouse as well as 54 parking spaces.