MESA, Ariz., (July 25, 2024) – 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 Gravity Coffee, a 750-square-foot net-leased property located in Mesa, Arizona.
The asset sold for $2,175,000 ($2,900 PSF).
“The property was on the market for less than a week,” stated Chris Lind, an investment specialist in Marcus & Millichap’s Phoenix office. “The offering presented a great opportunity for the Buyer to satisfy their 1031 requirement.”
Lind, Mark Ruble, and Zack House, also investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The transaction included a brand new 25-year absolute triple-net (NNN) lease with a corporate guarantee and 10 percent rental increases every five years with multiple renewal options.
Built with new 2024 construction and a drive-thru, Gravity Coffee is located at 2959 East McKellips Road in Mesa, Arizona, the third largest city in the state. The tenant is a growing drive-thru coffee chain with more than 100 locations open and in development across nine states. The site is situated in a growing trade area in the Phoenix MSA with 260,699 residents within a five-mile radius, and the average household income exceeds $150,000 in the immediate area.