PHOENIX, AZ – 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 9,735-square foot office property located at 15830 North 35th Avenue in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,825,000 ($290 PSF).
McAlister Cleary and Kelly O'Dea, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. After building a relationship with the seller and representing them in two previous sales last year, O’Dea and Cleary secured the listing for the seller’s final property. “With just three months on the market and multiple offers received, we ultimately procured the buyer, a limited liability company, and finalized the transaction,” O’Dea explained. “The buyer plans to hold the asset, his first acquisition in Arizona for long-term cash flow,” Cleary added.
The property consists of a 100% leased, two-tenant medical office built in 1982. The main tenant that utilizes about 79% of the rentable space has a lease running through January of 2028. The asset is situated roughly halfway between West Bell Road and West Greenway Road along North 35th Avenue, near the Rancho Encanto Plaza Shopping Center. It is surrounded by a variety of retail and residential properties including both single family homes as well as apartment communities, and is just 1.3 miles from Interstate-17, the state’s major north-west thoroughfare.