TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI) has announced the sale of Family Dollar, a 8,400-square foot net-leased property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,665,000 ($198 PSF).
Zack House, Chris Lind, Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The brand-new 2019 construction and new 10-year lease with corporate guaranty made this Family Dollar asset extremely desirable to potential buyers,” House stated. “The property ultimately sold within one week of the store opening to a 1031 exchange buyer out of California.”
Family Dollar is located at the northwest corner of West Irvington Road and South 9th Avenue in Tucson, Arizona. Tucson Spectrum, a 1,100,000-square-foot shopping center, is just 1.1 miles west of the property and contributes to the 27,400 vehicles per day that pass along West Irvington Road, giving great visibility to the property. Situated less than one mile off the Interstate-19, the location affords quick access to downtown Tucson and The University of Arizona.