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 1401 South Central Avenue, a 26,540-square foot industrial property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,875,000 ($71 PSF).
“With the expansion of the Phoenix light rail the adjacent property owner saw the potential in the building to hold for future redevelopment,” explained Jay Krew, an investment specialist in Marcus & Millichap’s Phoenix office. “The seller plans to stay in the building until the new owner decides on the best use for the asset.” Krew had the exclusive listing to market the property on behalf of the seller, an individual/personal trust looking to divest his real estate assets without moving.
The property was built in 1930 on 1.27 acres with 285 feet of frontage on Central Avenue in Phoenix.