PHOENIX, Arizona– 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 AutoZone, an absolute triple-net corporate ground lease property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1.25 million.
Mark Ruble, Chris Lind and Jamie Medress, 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. AutoZone is located at 6155 South 35th Avenue, directly across from a Walmart Supercenter and surrounded by major national retailers.
The ground lease has over 19 years remaining with 10% rental increases every five years.
Within five miles of the property are approximately 197,291 residents. Within a three-mile radius, the annual household income averages over $73,000 and households are projected to increase by more than 30% by 2023.