PHOENIX, ARIZONA – SVN Desert Commercial Advisors is excited to announce the sale of two Multifamily properties in Phoenix, AZ. Carrick Sears and Royden Hudnall utilized co-operative marketing and market knowledge to secure the sale of both unique properties in under 90 days.

• Palm Lane Apartments | 710 E Palm Lane | Phoenix, AZ 85006 | 12 units | sold for $2,950,000 ($245,800 per unit)
• 1457 E Fillmore Street | Phoenix AZ, 85006 | 9 units | sold for $1,600,000 ($177,777 per unit)

Palm Lane Apartments was sold for 6.5% over list price, a remodeled property in turn-key condition. The buyer was unconventional and not in any broker’s database. Purchased by The Arizona Opera who will use the property to house musicians.

“I was happy to see this property go to an unconventional buyer. This non-profit organization will greatly benefit by being able to house musicians as needed and this property is so close to the opera facility, it really made a lot of sense for them,” says Carrick Sears.

The Fillmore Street property was constructed in 1948, entailing one bedroom Casita style units. The property was sold as a fully occupied – master lease. The buyer plans to keep the master lease program in place. The seller owned the property for over 20 years, with hopes to retire in the next year. The SVN Multifamily Team is working to ensure he receives the highest price for his portfolio.

Sears worked with the seller on the acquisition of the Palm Lane property three years prior.

The return client quotes, “Carrick was instrumental in helping me purchase this property 3 years ago and offered very helpful advice throughout my holding period, and then was able to sell it for above my pricing expectation this year – overall delighted with the SVN Team!”

MARANA, Ariz. – 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 Dollar General, a 9,100-square-foot net-leased property located in Marana, Arizona.

The asset sold for $1,955,000 ($215 PSF).

Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. With more than seven years remaining on the triple-net corporate lease, the asset has multiple renewal options on lease term with 10 percent rental increases in each option. The tenant, Dollar General, is the nation’s largest small-box discount retailer, operating more than 17,000 locations as of early 2021.

Built in 2014, the asset is located at 12355 North Trico Road in Marana, Arizona. Dollar General is situated between the Pinal Airpark, the Arizona National Guard Western Army Military Base and the Marana regional Airport. On the corner of North Trico Road and West El Tiro Road, Dollar General is visible to over 7,000 vehicles per day. The asset is less than a 30-minute commune to Forbes five-star rated, world-class Ritz-Carlton Dove Mountain Resort, the Omni Tucson National Resort, the White Stallion Rach and the Tucson Premium Outlets. The city of Marana is among the fastest developing cities in Arizona, growing at a rate of nearly 150 percent since the year 2000.

Glendale, AZ — The sale of Glendale Self Storage was announced on May 26, 2022. The property is located at 7048 N. 43rd Avenue in Glendale, Arizona. It consisted of 9 buildings totaling 54,081 square feet and 650 units, 160 of which were climate controlled. The site was 2.74 acres in size and the property was built in 1977.

The seller in the transaction was MR Investments, LLLP.  A partnership consisting of three individual investors who had exchanged into this property.

The buyer is one of the larger non-public owners of self-storage properties in the country.

This 45-year-old property received 18 offers within the first 30 days of hitting the market and ultimately sold for more than list price and with a cap rate of below 5%.

Bill Alter represented the seller in the transaction. This was his 171st self-storage sale.

About Bill Alter: Mr. Alter is Managing Director of the Self-Storage Specialty Group at Rein & Grossoehme Commercial Real Estate. He is a founding member of the Arizona Self-Storage Association and currently serves on its Board of Directors. In 2008, he was recognized with AZSA’s Self-Storage Pioneer Award for his significant contributions to the association since its inception in 1996 and his continued dedication to the professionalism of the self-storage industry in Arizona.

For more information contact Bill Alter at 602-315-0771 or [email protected] or visit www.RGCRE/author/BillA

Rein & Grossoehme specializes in the sale of investment properties and commercial leasing.