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 the headquarters for Truesdell Corporation, a 17,755-square-foot industrial property located in Tempe, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,200,000.
“Investors are seeing incredible value in dense, infill industrial investments in the Phoenix metropolitan area, specifically Tempe,” said Blake Duncan, investment associate in Marcus & Millichap’s Phoenix office. “Our process yielded unmatched investor interest to acquire this asset, which was clearly displayed through offer activity from markets around the country.” Peter Bauman, senior vice president investments, added, “Southwest industrial and office properties continue to attract a wide variety of new market entrants. Capital is aggressively coming into Arizona looking to secure quality investments.”
Duncan, Bauman and Tivon Moffit, senior vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was procured by Duncan, Bauman and Moffitt. “The commercial real estate investment market is as busy as we have ever seen,” Moffit stated. “We continue to see significant economic growth and separate investment in the industrial and office commercial real estate sector.”
The housing property for Truesdell Corporation is located at 1310 West 23rd Street in Tempe, Arizona. The asset is rare in the Tempe industrial landscape due to its fenced yard space in a dense, infill area. Situated in a prime location, the property has direct access to priest road and is within close proximity to all major highways that connect the Valley.