Marcus & Millichap Arranges the Sale of a 35,000-SF Net Leased Property in Phoenix

PHOENIX, June 20, 2024 – 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 a 35,000-square-foot net-leased property located in Phoenix, Arizona. The asset sold for $5,200,000.

“The sale of the asset represented an opportunity to acquire a well-positioned, mid-size manufacturing warehouse in a supply constrained market. The property is highlighted by a high mark-to-market rental upside while maintaining a strong return through the remaining lease term,” said Paul Berkner, investment associate in Marcus & Millichap’s Phoenix office. Berkner had the exclusive listing to market the property on behalf of the seller, 841 Company, LLC. “Day or night, Paul and his team were there as a resource and helped get the deal across the line, smoother than I could have hoped,” shared the seller. “He was a great bridge between me and the all-cash buyer, and I don't think I could have done better with the timeline we had available." The buyer, Galset LLC, was procured by Chris Cunning, senior vice president investments in the firm’s Las Vegas office.

The subject property is a single-tenant industrial manufacturing warehouse located at 841 South 71st Avenue in Phoenix, Arizona with nearby access to four highly trafficked freeways.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.