Menlo Group successfully negotiated the sale of 320 E. Virginia Ave. in Phoenix.
Tempe, AZ, August 9, 2022–Menlo Group Commercial Real Estate today announced the sale of the Virginia Circle Office Building. Located at 320 E. Virginia Ave. in Phoenix, the mixed-use office building sold for $4 million.
The sellers, 320 Piedmont, LLC, purchased the 26,350 sq. ft. building for $2.5 million in 2021. The property had a single tenant in place, making it a great value-add investment opportunity. They then enlisted Menlo Group Advisors Stuart Milne, CCIM, SIOR, and Nyal Sewell to list the property.
The Virginia Circle Office Building was purchased by RAS Developments, Inc., a residential real estate construction, investment and management company. Alon Shnitzer of ABI Multifamily represented the buyer.
“We are excited to see another great group take ownership of this beautiful building,” Milne said. “We enjoyed working with the sellers to put together a strategy to find the highest and best opportunity for their real estate.”
About Menlo Group
Menlo Group is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services, real estate consulting, property management and project management. We exist to support clients, advisors and employees in their professional objectives through effective real estate strategies. Please contact our investment team to discuss your portfolio.