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 238 acres of ranch land located at 290 Elgin-Canelo Road in Elgin, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $812,500.
“Our team was pleased to be able to assist the Tucson-based property owner in finding an all-cash buyer for this picturesque 238 acres in the heart of Arizona’s ranching and vineyard country,” said Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office. “In this rural part of Arizona, with limited deals of this size, our brokerage team was able to effectively collaborate with a southern Arizona ranch broker to identify the perfect buyer,” he explained.
Art Rullo, Michael Farrar, Ross Smith and Dan Peters, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The seller was the noteholder on the property, and the buyer was a local Elgin rancher looking to expand grazing capacity for her cattle. “All parties were satisfied with the seamless and efficient handling of this transaction by Marcus & Millichap,” added Rullo.