GLENDALE, ARIZ. – August 28, 2019 – 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 a 52,330-square foot net-leased office/industrial property located at 7326 Glen Harbor Boulevard in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9,000,000.
The buyer, FM NPL Glendale LLC, a Delaware limited liability company was procured by Jay Krew, an investment specialist in Marcus & Millichap’s Phoenix office and Marty Cohan, an investment specialist in the firm’s West Los Angeles office. Gregg Fox with Marc Realty also assisted on the buy side. “Through internal relationships, we procured a buyer with detailed acquisition criteria to achieve their objectives,” Krew explained. “By consistently tracking the market, we successfully identified multiple opportunities for our client to consider. The subject property provides a long-term sale-leaseback opportunity that satisfied the buyer’s needs of a stable and predictable stream of income. As a leader in energy, infrastructure and pipeline construction, NPL will benefit from the subject property’s strategic location as the valley expands further west.”
The property is in the highly-desirable Glen Harbor Airpark and is conveniently positioned near to Loop 101 and Interstate-10. The seller, NPL Construction Co. was represented by Dan Dowd with Newmark Knight Frank. Asset management will be in the hands of Frank Mandel with New York-based Mandel Management Company. Mandel Management is an active net lease buyer having acquired more than $75 million this year to date.
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.