AVONDALE, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of an approximately 11,807-square-foot industrial auto service building located in Avondale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,580,000 ($218.50 PSF).
Paul Berkner, an industrial investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “By acting as an intermediary to facilitate and motivate a successful transaction during a stressful economic and social atmosphere, we were able to aid the seller in accomplishing their goal of selling their property at full price and exiting the Phoenix market,” Berkner explained. The buyer, a limited liability company, was also procured by Berkner and plans to operate their business from this location.
The industrial building is located at 1426 North Eliseo C. Felix Jr. Way in a high growth area in Avondale, Arizona. Nearby lots are currently being developed and are positioned to capture opportunity offered by this fast-growing city. They are additionally incentivized by reduced city development impact fees. Built in 2002 on 1.26 acres of land, the property has an exceptional quality of build and design.