FORT MOHAVE, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Starbucks, a double-net-lease coffee retailer located in Fort Mohave, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,091,000 ($1,035 PSF).
Mark Ruble, Jamie Medress and Chris Lind, 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 California 1031 Exchange buyer, a private investor, was procured by Andrew Irvine, an investment specialist in the firm’s Ontario office Starbucks is located at 4751 Highway 95 on the northwest corner of Mojave Valley Highway and Aztec Road in Fort Mohave, Arizona.
The 2,021-square-foot property was newly constructed in 2020 on a 0.59-acre lot as an outparcel to Smith’s Food & Drug. It has a brand-new 10-year lease with Starbucks Corporation including 10% rental increases every five years and four five-year renewal options. Starbucks was built in a strong location with approximately 23,764 residents within a five-mile radius and households in the immediate area projected to increase by nearly 18% by 2023. Within a three-mile radius, average annual household income exceeds $65,000.