PHOENIX—In this week's Deal-Tracker, Marcus & Millichap announce the sale of Covered Wagon RV Park, 44 RV sites, two mobile home sites and an office built on 3.27 acres in Phoenix according to Don Morrow, regional manager of the firm's Phoenix office. The asset was listed for $1.3 million.
Octavian Paul and Douglas A. Danny, MHC/RV Resort investment specialists in Marcus & Millichap's Phoenix and San Diego offices, had the exclusive listing to market the property on behalf of the seller, a private couple. The buyer, a limited liability company, was secured and represented by Octavian Paul and Douglas A. Danny
Covered Wagon RV Park is located at 6540 N. Black Canyon Hwy. in Phoenix, which is located where Maryland Parkway intersects North Black Canyon on the west side of Black Canyon freeway (I-17). The park is close to multiple professional schools and many of the long-term residents are students. The park has a history of high year-round occupancy and historically collects approximately 90% of its potential income.
The park was listed at 9.37 cap with an expense load of 48.7%. The cost per site was $26,596 and the seller included two mobile homes in the asking price. The seller offered 5% financing for seven years with 35% to 40% down.
The property generated several offers during the listing period and sold to a seasoned operator looking to build a portfolio in the Arizona market.
-PHOENIX, AZ – Four buildings totalling 18,496 square feet on 11.58 acres of land at 8164 W. Buckeye Rd. in Phoenix, have sold for $2.9 million. Lee & Associates principals Matt Hobaica, Allen Lowe and TJ Swearengin negotiated on behalf of the owner, MidFirst Bank. Hobaica secured the buyer, EMC Holdings, LLC of Phoenix which will use the property for their truck transportation business. The property located at 83rd Ave. and Buckeye Rd. is currently being used as a trucking facility and features heavy industrial (I-2) zoning and multiple service bays. The site is fully-fenced with rolling gates and has a 2-acre, hard corner parcel within the property that can be sold or leased for a retail pad. The site is close to major transportation corridors such as I-10 and the Loop 101 and is 15 minutes to Phoenix Sky Harbor International Airport.
-Phoenix—Daum Commercial Real Estate Services has negotiated the $1.2 million sale of a 20,565-square-foot office-industrial building located at 16461 N. 25th Avenue in Phoenix. Jerry Hillery and Chris Rogers of Daum in Phoenix represented the buyer, Fine Line Fabricating. The seller, Baughman-Williams, was represented by TJ Swearengin and Matt Hobaica of Lee & Associates. The buyer, Fine Line Fabricating, a manufacturer of general metal work and custom fabrication for the commercial and residential sectors, is expanding its manufacturing space. The company is currently located at 17464 N. 25th Avenue and plans to relocate in late February, 2015. The 2.43-acre property was built in 1994.
-TUCSON—Tucson Tax Team has purchased a 1,604 square feet office condominium at Old Farm Executive Park located at 6111 E. Grant Road in Tucson. The seller, 6111 Partners LLC, was represented by CBRE's David Montijo and Damian Wilkinson. The buyer was represented by Jeff Casper, also with CBRE. The asset was sold for $270,000.
-PHOENIX—34th Place Investments, LLC from La Jolla has purchased the Prairie Ridge apartment complex, a 45-unit multifamily property located at 2936 N. 34th Place in Phoenix from Pure Capital, LLP of Mesa. Brian Smuckler and Jeff Seaman of CBRE's Phoenix office represented both the seller and the buyer in negotiating the $1.4 million transaction.
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