SEDONA, 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 23.2 acres of land in Sedona, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,733,000 ($290,000 per acre).
Ross Smith, Art Rullo and Michael Farrar, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The asset was purchased by Falcon’s Aerie LLC after two years on the market.
“The site is located on the north edge of the city of Sedona, world famous for its dramatic rock formations, abutting the national forest,” shared Smith. “While the asset is zoned for 105 homes, extensive studies determined that fewer units can practically be built. The rough topography precluded development on top of the mesa, the highest point of the site.” The asset is located at 701 North Highway 89A in Sedona, Arizona.