SCOTTSDALE, Ariz., – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 3,480-square-foot retail property located at 7131 East Mercer Lane in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $825,000 ($237 PSF).
The buyer, a partnership, was procured by Joshua Tammen, a senior associate in Marcus & Millichap’s Phoenix office. Tammen was able to utilize his commercial real estate experience as an investment specialist as well as his knowledge of the Scottsdale area market to assist his buyers in acquiring the retail property. “The buyers plan to renovate the property into a one-stop-shop med spa”, Tammen explained. “The new business, Aesthetic Collective will focus on eyelash extensions and slimming body wraps.”
The retail property was built in 1972 on 0.12 acres of land and features 2,050 square feet of rentable space. It has been updated for either a retail showroom with offices or an open office setting with plenty of natural light, high ceilings, two bathrooms, three interior offices with storage and a break room. Suite A was renovated in 2019 including new paint throughout. The property also includes new exterior paint, a new mansard roof and recoated foam roof, and convenient front-in parking.