PHOENIX, Arizona – 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 Centerpointe at Deer Valley, a 4,976-square-foot retail property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,688,500 ($540 PSF).
Sanford Burstyn of Marcus & Millichap’s Phoenix office had a listing to market the property on behalf of the seller, Josh Simon of SimonCRE, a merchant developer. “We sourced the Northern California buyer in a 1031 exchange and found an alignment between their upleg criteria and this listing,” Burstyn explained. “After 22 days on the market, this property sold at 99% of the original list price.” Nick Gray, a loan originator in Marcus & Millichap Capital Corporation sourced the loan for the transaction. Michael Johns with Gsa Realty Advisors represented the buyer.
Centerpointe at Deer Valley is located at 1900 West Pinnacle Peak Road in Phoenix on the hard northwest corner of the signalized intersection of 19th Avenue and Pinnacle Peak Road, which sees over 35,000 vehicles per day. Newly constructed in 2018, this property has three suites filled by Filiberto’s Mexican Food including a drive-thru, Lychee Kitchen and Energize Nutrition. It is located within a heavy retail and industrial employment hub with easy access to two major freeways (Interstate-17 and Loop 101) as well as the Phoenix Deer Valley Airport.