PHOENIX, 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 Park Northern, a 14.98-acre ground lease located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,900,000.
Chris Doty, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, the Edward Scarla Revocable Trust. The land was leased to the owner of the existing shopping center improvements, LNR Partners, LLC which consisted of approximately 127,280 square feet of retail space that included two pad buildings, 72,000 square feet of shops and the remnants of a former 51,511-square-foot Safeway space that was consumed by a fire.
The buyer, Josh Simon of Simon CRE was secured and represented by Sanford Burstyn, an investment specialist in the firm’s Phoenix office. Simon CRE also purchased the improvements from LNR Partners, LLC per a separate transaction. Simon CRE plans to redevelop and re-tenant the shopping center with an investment of over $18 million including a 60,000-square-foot VASA Fitness that will backfill the former Safeway.
This asset is located on the signalized, hard corner intersection of West Northern Avenue and North 35th Avenue in Phoenix, Arizona. The intersection has traffic counts exceeding 67,000 vehicles per day. Over 195,000 people reside in a three-mile radius of the property, providing copious foot traffic for the shopping center as well.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.