PHOENIX, ARIZONA – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Portola at Grovers Park, a 141-unit multifamily asset in Phoenix, Arizona. The $36.6 million sales price equates to $259,574 per unit.

“Limited like-kind supply, the scarcity of developable land nearby and the opportunity to increase value through interior renovations place Portola at Grovers Park in an advantageous position to realize long-term revenue growth,” said Cliff David, IPA executive managing director. “The investment strategy is apparent for the buyer with this acquisition as 83% of the community is primed for further renovations, including improving interior finishes and advancing the retrofit washer and dryer program.” David and IPA executive managing director Steve Gebing represented the seller, a joint venture between SB Real Estate Partners and Marble Partners, and procured the buyer, Rise48 Equity.

The property is equidistant to Loop 101 and State Route 51, which provide reach to the 4,700 businesses and 169,100 skilled professionals in the Deer Valley, Interstate 17, Kierland, and Scottsdale Airpark employment corridors. Shopping is in proximity along the Bell Road retail corridor at Bell Towne Center and Bell Towne Plaza. Approximately five miles northeast of the property sit the prominent open-air lifestyle destinations of Desert Ridge Marketplace and the High Street Entertainment District. Paradise Valley Community College is 1.5 miles away.

Built in 1985, Portola at Grovers Park has two swimming pools, two laundry facilities and is across the street from the city of Phoenix Grovers Basin dog park. Apartments have oversized closets and storage space. The average unit size is 777 square feet.

Tucson, Arizona – Larsen Baker, LLC, a commercial real estate company, is pleased to announce the addition of Brianne Hansen as its Director of Third Party Property Management. Brianne will oversee the roll out, expansion and operations for Larsen Baker’s new third party property management division.

“Brianne sets the bar for property managers with her experience, passion and intelligence.” remarked Melissa Lal, Larsen Baker’s President.  “I could not think of a better person to lead Larsen Baker’s growing commercial property management division. Brianne’s qualities match closely with our firm’s mission to offer property management services with the same quality, attention to detail, and best practices as we successfully implement with our own managed portfolio.”

Hansen is a native Tucsonan and accomplished professional with a long track record of successfully balancing both the commercial real estate and rodeo worlds.  She joins the team with over 10 years of experience in property management maintaining and growing portfolios of office, industrial, and retail properties.  She has a Bachelor’s from the University of Arizona and is in the process of obtaining a RPA designation. Brianne is an active BOMA Tucson member with past board experience as well as an active CREW Tucson member and committee co-chair. When she’s not managing commercial properties, Brianne is busy being a 3x rodeo finals qualifier for the Grand Canyon Professional Rodeo Association.

Larsen Baker, LLC is a Tucson based commercial real estate firm that develops, remodels, owns, operates, manages and leases retail, office and industrial properties in Southern Arizona. Operating since 1993, Larsen Baker has become the largest independently owned commercial property owner in Tucson. The firm owns and manages just under 4 million square feet of commercial space in 64 locations with over 500 tenants throughout Tucson and Southern Arizona. Larsen Baker, LLC is currently developing four new commercial properties that will add an additional ±100,000 square feet to its portfolio.

Brianne can be reached at 520-296-0200 or at [email protected]

PHOENIX, ARIZ. – The sales of four retail buildings, four industrial buildings, three parcels of land, three offices, a self-storage facility and a mobile-home park represent the diversity of deals recently closed by NAI Horizon professionals. The transactions totaled $32 million.

Sale Transactions:

• Denise Nunez and Victoria Filice negotiated the sale of a 70,243 SF self-storage facility representing the seller, Rutner Family Trust dated February 4, 1992, $9.4 million. The property is located at 2301/2381 S. State St., Ukiah, CA. The buyer, Stuart Tunick, was represented by Mark Yandow with Self Storage Brokers of CA.
• Isy Sonabend and Mark Wilcke negotiated the sale of a 97,000 SF refrigerated warehouse situated on 8 acres representing the seller, Smith Family Trust, for $8.75 million. The property is located at 10401 W. Van Buren, Tolleson, AZ. The buyer, Trader Joe’s, was represented by Rob Stephens with NGKF.
• Rick Foss negotiated the sale of an 8,800 SF retail building representing the buyer, Thomas A and Olivia DuVall Family Trust, for $2.43 million. The property is located at 1410 6th St., Umatilla, Oregon. The seller, SimonCRE IV LLC, was self-represented.
• Matt Harper, CCIM, negotiated the sale of a 16,470 SF retail building representing the seller, Puchhi Inc, for $1.975 million. The property is located at 9501 W. Peoria Ave., Peoria, AZ. The buyer, Fen Investments Inc, was represented by Brook Miller with Re/Max Solutions.
• Laurel Lewis negotiated the sale of 42,435 SF of land representing the seller, Southwest Behavioral Health Services Inc., for $1.4 million. The property is located at 5709-5717 N. 7th St., Phoenix, AZ. The buyer, Hewson 75th Street, was represented by Gordon Raguse with Cushman & Wakefield.
• Mark Wilcke negotiated the sale of 9.13 acres of land representing the seller, AGI Investors, LLC, for $1.4 million. The property is located at NEC Pinal Road & Rodeo Road, Casa Grande, AZ. The buyer, Coyote Ranch Storage, LLC, was self-represented.
• Andrew Warner negotiated the sale of a 32-unit mobile home park representing the seller, BCTR46, LLC, for $1.275 million. The property is located at 2444 W. Devonshire Ave., Phoenix, AZ. The buyer was AZ Park Partners, LLC.
• Matt Harper, CCIM, and Mark Wilcke negotiated the sale of a 20,865 SF retail building on approximately 4.4 acres, representing the seller, Vahak Minassian and Gava, LLC, for $1 million. The property is located at 3660 W. Grand Ave., Phoenix, AZ, better known as Mr. Lucky’s. The buyer, 3660 W. Grand Avenue, LLC, was self-represented.
• Chris Gerow, Shelby Tworek and Gabe Ortega negotiated the sale of a 3,600 SF retail building, representing the buyer, Papago Park Realty II, LLC, for $815,000. The property is located at 222-228 E. Baseline Road, Tempe, AZ. The seller, Go West Metro, LLC, was represented by Matt Harper, CCIM, with NAI Horizon.
• Jeff Adams negotiated the sale of a 6,140 SF industrial building representing the buyer, 1545 McQueen, LLC, for $790,000. The property is located at 1545 N. McQueen Road, Gilbert, AZ. The seller, Mark S. Gunning, was represented by Darin Edwards & Leroy Breinholt of Commercial Properties Inc.
• Matt Harper, CCIM, and Thomas Bean, CCIM, negotiated the sale of a 5,824 SF medical office building representing the buyer, Vineyard Court, LLC, for $750,000. The property is located at 6628-6632 S. 22nd St., Phoenix, AZ. The seller, VPJ4, LLC, was represented by Dallan Randall & Kim Rollins with Commercial Properties Inc.
• Matt Harper, CCIM, negotiated the sale of 4.62 acres of land, representing the seller, Carl Investments Limited Partnership, for $630,000. The property is located at S/SEC Dysart Road and Washington Street, Avondale, AZ. The buyer, Dysart & Washington OZB Company, LLC, was represented by Jason Hyams with Insight Land and Investments.
• Rick Foss negotiated the sale of a 3,463 SF industrial building representing the seller DBSL Investments, LLC, for $561,030. The property is located at 2737 W. Baseline Road, Tempe, AZ. The buyer, Baseline Holding, LLC, was represented by Lesley Pelkey with My Home Group.
• Mike Myrick negotiated the sale of a 1,176 SF industrial building, representing the seller, Honey Bear’s Bar B-Q Inc., for $475,000. The property is located at 2511 E. Jefferson St., Phoenix, AZ. The buyer 2511 E. Jefferson Holdings, LLC, was represented by David Coe with DavCo Realty Advisors.
• Troy Giammarco and Joe Pequeno negotiated the sale of a 1,676 SF office unit representing the seller, Westhouse Properties, LLC, for $469,280. The property is located at 5505 W. Chandler Blvd., Chandler, AZ. The buyer, Gilbert Vista, LLC, was self-represented.
• Mike Myrick negotiated the sale of a 3,213 SF, office building representing the buyer Select AutoBody of AZ, for $375,000. The property is located at 538 W. Highland Ave., Phoenix, AZ. The seller, Carmel & Ethel Petrey Trust dated 5/9/2006, was represented by Jason Butler with ROI Properties.

For more information visit www.naihorizon.com.