CBRE has completed the sale of the Motorcycle Mechanics Institute Building located at 2932 W. Deer Valley Rd. in Phoenix, Ariz. The 41,739-square-foot technical training facility commanded a sale price of $5.975 million.
Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, 2932 DVR, LLC. The buyer, Hyperion Fund, LP, was represented by Eric Wichterman and Mike Coover with Cassidy Turley.
“Deer Valley is a prime area for large corporate users like Universal Technical Institute’s Motorcyle Mechanics Institute. Investment opportunities like this are unique and sought after because the asset provides the opportunity to acquire a well-located, 100 percent triple-net leased facility with a strong-credit tenant on a long-term lease,” says CBRE’s Gabel.
The MMI Building is 100 percent leased to UTI on a long-term lease. It is one of three buildings that comprise the MMI campus. The building is located on Deer Valley Road, the main street serving the market, and half mile west of the Interstate 17. The property also benefits from its adjacency to numerous retail services, residential neighborhoods including multifamily developments and other strong corporate users.
Headquartered in Scottsdale, UTI, a NYSE (UTI) publicly traded company, is the leading provider of post-secondary education for students seeking careers in automotive, diesel, collision repair, motorcycle and marine technicians. UTI has more than 170,000 graduates from 11 locations throughout the country within its 48 year history.