Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the $21 million sale/leaseback of a two-property industrial portfolio. The properties are a 56,000-square-foot rail-served lumber yard and industrial building in Roseville, California, and a 79,000-square-foot manufacturing facility in Chandler, Arizona.
The Phoenix-based industrial team of Jay Krew and Paul Berkner, both members of Marcus & Millichap’s National Office and Industrial Properties Group, represented the seller, Erickson Construction, and procured the buyer, STORE Capital Corp. Russ Moroz, senior associate in Sacramento, assisted with the Roseville property sale. Kent Williams, senior vice president, is Marcus & Millichap’s broker of record in California. Ryan Sarbinoff is the firm’s broker of record in Arizona.
“With pricing returning to near peak levels, the sellers capitalized on a perfect opportunity to capture the appreciated equity in order to redeploy the capital into other business interests,” says Krew.