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 +/- 6.63 acres of land near the southeast corner of North 75th Avenue and West Peoria Avenue in Peoria, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,330,000.
“The site was on the market for a couple of years due to restrictive zoning placed on the property and the City of Peoria’s reluctance to sanction more apartment communities,” said Ross Smith, investment specialist in Marcus & Millichap’s Phoenix office. “The buyer was able to obtain support from the City for its proposed residential project, and as a result, was willing to complete the purchase quickly.”
Smith alongside Art Rullo and Michael Farrar, also investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.