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 Cassavant Machining, a 55,312-square-foot single-tenant manufacturing facility located in Phoenix, Ariz., according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, senior managing director investments in the Dallas office, Tivon Moffit, and Peter Bauman, both senior directors in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an out-of-state investor, was also procured by Abushagur, Moffit, and Bauman.
“Our team facilitated nine acceptable offers within the first week of marketing from in-state and out-of-state buyers,” continued Abushagur, “Ultimately, our California-based buyer placed hard money to secure the deal while also closing all cash via 1031-Exchange.”
“This property was particularly desirable due to tenant enhancements including the installation of state-of-the-art manufacturing equipment, a fully air-conditioned warehouse, and upgraded power,” said Bauman.
“There was one year remaining on the tenant’s lease; however, we overcame this challenge by highlighting the tenants’ substantial improvements and the lack of comparable properties in the area,” said Moffit.
Cassavant Machining is located at 2688 East Rose Garden Lane in Phoenix, Arizona. The subject property is situated on 3.52 acres of land and was built in 2005.
Cassavant Machining, Inc. is a provider of machined component parts to the aerospace and commercial industries.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.