Phoenix, Ariz. –Motorcycle Mechanics Institute (MMI) Building sold for $5.975 million ($143 PSF). The 41,739-square-foot technical training facility is located at 2932 W. Deer Valley Rd. in Phoenix, Arizona.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, 2932 DVR, LLC. The buyer, Hyperion Fund, LP, was represented by Eric Wichterman and Mike Coover with Cassidy Turley.
“Deer Valley is a prime area for large corporate users like Universal Technical Institute’s Motorcyle Mechanics Institute. Investment opportunities like this are unique and sought after because the asset provides the opportunity to acquire a well-located, 100 percent triple-net leased facility with a strong-credit tenant on a long-term lease,” said CBRE’s Gabel.
The MMI Building is 100 percent leased to UTI on a long term lease. It is one of three buildings that comprise the MMI campus. The building is located on Deer Valley Road, the main street serving the market, and half mile west of the Interstate 17. The property also benefits from its adjacency to numerous retail services, residential neighborhoods including multi-family developments and other strong corporate users.
Headquartered in Scottsdale, Ariz., UTI, a NYSE (UTI) publically traded company, is the leading provider of post-secondary education for students seeking careers in automotive, diesel, collision repair, motorcycle and marine technicians. UTI has more than 170,000 graduates from 11 locations througout the country within its 48 year history.
To learn more Gabel should be contacted at 602 735.5273 and Marchildon is at 602 735.5625. Wichterman ca be reached at 602.224.4471 and Coover is at 602.224.4473.