PEORIA, Ariz. – 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 4.88 acres of development land in Peoria, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $875,000.
Ross Smith, Michael Farrar and Art Rullo, 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 buyer, a limited liability company, was procured by Cushman & Wakefield.
“This was the buyer’s first Arizona development site acquisition,” explained Rullo. “The buyer worked with the City of Peoria staff to secure the necessary conditional use permit for the construction of a self-storage facility. Construction is expected to commence during the summer of 2021.” Rullo noted the combination of COVID-19 delays and being the buyer’s first Arizona venture all contributed to a variety of challenges to move the deal successfully to close of escrow. “The professionalism and tenacity of all parties involved in this transaction eventually got us to the finish line,” he stated.
The 4.88-acre development site is located on North 75th Avenue between Cactus Road & Sweetwater in Peoria, Arizona. This C-2 zoned property is situated in a mature area of Peoria with limited infill land opportunities.