SHOW LOW, Ariz. – Marcus & Millichap (NYSE: MMI) announced the sale of Verizon, a 3,600-square foot double-net-lease property located in Show Low, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $510,000 ($142 PSF).
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 buyer, a limited liability company, was also procured by Lind, Medress and Ruble.
Verizon is located at 451 North White Mountain Road in Show Low, visible to over 18,250 vehicles per day along White Mountain Road. Verizon is in their fourth extension period of their lease with three years remaining on their current lease term. Show Low is one of the largest and fastest growing cities in Northern Arizona, with households in a three-mile radius of Verizon projected to increase more than 17% by 2023.