PHOENIX, (June 21, 2024) – 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 a 35,000-square-foot net-leased property located in Phoenix, Arizona.
The asset sold for $5,200,000 ($149 PSF).
“The sale of the asset represented an opportunity to acquire a well-positioned, mid-size manufacturing warehouse in a supply constrained market. The property is highlighted by a high mark-to-market rental upside while maintaining a strong return through the remaining lease term,” said Paul Berkner, investment associate in Marcus & Millichap’s Phoenix office. Berkner had the exclusive listing to market the property on behalf of the seller, 841 Company, LLC. “Day or night, Paul and his team were there as a resource and helped get the deal across the line, smoother than I could have hoped,” shared the seller. “He was a great bridge between me and the all-cash buyer, and I don't think I could have done better with the timeline we had available."
Chris Cunning, senior vice president of investments in the firm’s Las Vegas office, procured the buyer, Galset LLC.
The subject property is a single-tenant industrial manufacturing warehouse located at 841 South 71st Avenue in Phoenix, Arizona, with nearby access to four highly trafficked freeways.