GILBERT, 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 three finished industrial lots totaling 3.1 acres within the Fuller Commercial Center in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the three assets sold for a total of $937,631 ($312,550 per lot).
“The all-cash buyer, as an owner/user, plans to construct an office building and fleet storage yard on the property,” said Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office. “The in-place LI (Light Industrial) zoning allowed for a short due diligence period with close of escrow just days after the expiration of due diligence.”
Rullo had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Phoenix, alongside his team members Michael Farrar and Ross Smith also in the firm’s Phoenix office. This transaction was one of several in which the seller has utilized the brokerage services of Marcus & Millichap throughout the country, according to Rullo. “This was pleasant collaborative effort between the buyer’s representative and our team,” he added. “At the end of the day, both the buyer and seller were pleased with the outcome of the transaction.”
The three improved commercial lots are located at 1063, 1031 and 1095 West Melody Avenue within the Fuller Commercial Center in Gilbert, Arizona.