QUEEN CREEK, Ariz. – 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 Aaron's, a 7,101-square-foot net-leased property located in Queen Creek, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,810,000.
Mark Ruble 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 buyer, an individual/personal trust, was also procured by Ruble and Lind. Josh Sciotto with Marcus & Millichap Capital Corporation (MMCC) provided the financing in this transaction.
Aaron's is located at 21259 East Ocotillo Road in Queen Creek, Arizona. The asset includes an absolute triple-net lease with corporate guaranty with over three years remaining, and 10% rental increases every five years. Built in 2014 on 1.23 acres, this property is situated within Queen Creek’s dominant retail corridor surrounded by major retailers such as Walmart, Target, PetSmart, Dollar Tree and Sprouts Farmers Market.