Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Shea Professional Plaza, a 26,531-square foot office property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office.
The asset sold for $1,200,000. The buyer, an individual/personal trust, was secured and represented by Michael R. Myrick, an investment specialist in Marcus & Millichap’s Phoenix office.
Shea Professional Plaza is located at 3101 East Shea Boulevard in Phoenix, AZ. The property has one tenant with an occupancy rate of 38%. The owner plans to completely renovate the building as the original year of construction is 1976.