AVONDALE, Ariz., (July 30, 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 Starbucks, a 3,070-square-foot net-leased property located in Avondale, Arizona.
The asset sold for $2,570,000 ($837 PSF).
“The subject site was a redevelopment of an existing building and was Starbucks’ first double queue/order lanes in the state of Arizona,” said Chris Lind, an investment specialist in Marcus & Millichap’s Phoenix office. “This opportunity presented the buyer with an opportunity to acquire a well-located credit tenant deal with a long-term lease that is an outparcel to an established Fry’s anchored retail center,” added Lind. 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 buyer, a limited liability company, was also procured by Lind, Ruble and House. The transaction included a new 10-year corporate lease with Starbucks with a 7.5 percent rental increase every five years with multiple renewal options.
Starbucks is located at 10655 West Indian School Road in Avondale, Arizona. This Starbucks location is ranked in the top 29 percent of all locations in Arizona per placer.ai. The location has easy accessibility from West Indian School Road and North 107th avenue, and the intersection hosts over a combined 48,000 cars per day. The property sits in a growing trade area in the Phoenix MSA with 295,471 residents within a five-mile radius.