TUCSON, 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 Walgreens, a 14,490-square foot net-leased property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,442,748 ($169 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 limited liability company. The buyer, another limited liability company, was procured by Lind and Ruble.

Walgreens is located at 1351 West Prince Road in Tucson, Arizona. Built in 2001, the asset is one mile off of the Interstate-10 freeway, the primary connector for Tucson and Phoenix. Across from Flowing Wells High School with more than 1,600 students, Walgreens is highly visible to nearly 46,500 cars per day at the signalized hard corner of Flowing Wells Road and Prince Road. Walgreens in the heart of the growing Tucson trade area, accessible to 224,519 residents within a five-mile radius.

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PHOENIX, ARIZONA – 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 South Seventh Street, a 25-unit apartment property located in Phoenix, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,000,000 ($80,000 per unit).

“South Seventh Street Apartments are well located just south of Downtown Phoenix and next to South Mountain High School,” commented Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “This value-add opportunity had been previously owned by the same entity for more than 25 years. Buyer, Andre Golnazarian, intends to execute on a programmatic renovation plan with favorable premiums he is proving out in the submarket.”

Moffitt and Paul Bay, first vice president investments in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. Golnazarian was procured by Bay and Moffitt.

South Seventh Street is located at 5607 South 7th Street in Phoenix, Arizona.

Tucson, AZ — The Southern Arizona Chapter of the CCIM Institute, one of the largest commercial real estate networks in the world with chapters in more than 30 global markets, announced Craig Finfrock, CCIM, has been elected to serve a 3-year term on the CCIM Institute’s Board of Directors. CCIM Institute confers the Certified Commercial Investment Member designation, commercial real estate’s global standard for professional achievement.

Craig Finfrock is the CCIM 2021 Region 2 Vice President and serves on the Institute’s Regional Activities Subcommittee, University Outreach Subcommittee Marketing Committee and will be the 2022 Chair of the Chapter Activities Subcommittee.  He was the 2018 President of the Southern Arizona Chapter of CCIM and has served on the Chapter’s Board since 2015.

CCIM Institute is a global community of 13,000 members, more than 50 chapters, in over 30 countries that educates and connects the world’s leading experts in investment strategy, financial analysis, and market analysis.