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 Sprouts Center, a 55,615-square footgrocery anchored shopping centerlocated in Mesa, Arizona, according to John M. Leonard, regional manager of the firm’s Atlanta office. The retail property sold for $18,500,000.
“This transactionhighlightsthedesirabilityof grocery anchored centersduring any cycle. Despite generating a significant amount of offer interest within a short amount of timewe were competing with rapidly rising interest rates paired with static deal pricing.” said Marc Irvin, first vice president investments in Marcus & Millichap’s Atlanta office, who had the exclusive listing to market the property on behalf of the seller, an Arizona based private investor.The buyer was aFresno, CA based familytrustin a 1031 exchange. “Extensive networking ultimately landed the best buyer for our client. This deal happened as a result of interacting with others and not relying on just passive marketing viathe internet. Having specialized experience enabled us to predict nuances during the due diligence process that helped facilitate a successful close for the buyer and seller”, continued Marc Irvin. Ryan Sarbinoff, regional manager in Phoenix office was the broker of record and assisted in this transaction.
Sprouts Center is located at 5225 East Southern Avenue.Sprouts Center is ideally positioned at the heavily trafficked intersection of Higley Road and Southern Avenue just north of the US Route 60. The property is less than 2 miles from major retailers including Walmart, Lowes, and Costco.
About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.