News

Phoenix — Marcus & Millichap has brokered the $2.1 million sale of a retail building located at 5349 W. Baseline Road in Phoenix. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed partnership, and procured the buyer, an undisclosed limited liability company, in the deal. O’Reilly Auto Parts occupies the 7,000-square-foot property, which was built in 2006. The tenant recently executed its first five-year renewal option with 10 percent rental increases every five years.

Goodyear, Ariz. — ORION Investment Real Estate has brokered the sale of Central Marketplace, a 62,000-square-foot retail center located in the Phoenix suburb of Goodyear. A California-based seller sold the asset to an undisclosed buyer for $9.8 million in an all-cash transaction. Ari Spiro, Sean Stutzman, Michael Achtman and Jennifer Eggert of ORION brokered the transaction. At the time of sale, the center was 98 percent occupied by tenants including 99 Cents Only.

Gilbert, Ariz. — Newmark has arranged the sale of Centre at Higley-Williams Field, a shopping center located roughly 22 miles outside Phoenix in Gilbert. Bruce Galloway of Higley Evergreen sold the asset to Brandon Sparks of BedTech for $5.3 million. Built in 2004, Centre at Higley-Williams Field features 12,190 square feet of retail space leased to six tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller and buyer in the deal.