PHOENIX, AZ – Marcus & Millichap (NYSE: MMI) announced the sale of Shea Professional Plaza, a 26,531-square foot office property located at 3101 East Shea Boulevard in Phoenix, AZ.
The office, Shea Professional Plaza, was purchased by an individual / personal trust. It was secured and represented by Michael R. Myrick, an investment specialist in Marcus & Millichap’s Phoenix office.
According to Don Morrow, regional manager of Marcus & Millichap's Phoenix office, the asset sold for $1.2 million ($45.23 PSF).
The property has one tenant with an occupancy rate of 38 percent. Originally constructed in 1976, the new owner plans to completely renovate the building.