Brakes Plus NNN Lease Sells for $2.775M in Phoenix
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 Brakes Plus, a 6,075-square foot triple-net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,775,000 ($457 PSF).
Chris Doty, an investment specialist 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 partnership, was procured by Mark Ruble, Jamie Medress and Chris Lind, also investment specialists in the firm’s Phoenix office. “The seller decided to list the property as part of a reverse exchange,” Doty stated. “By utilizing our brokerage platform, the firm was able to find the perfect investor to acquire the asset and support both sides through the transaction.”
Brakes Plus is located at 17249 North Tatum Boulevard in Phoenix, Arizona. The property, built in 1998, is a 6,075-square-foot building situated on 0.66 acres of land. It has excellent visibility from North Tatum Boulevard with traffic counts of approximately 35,200 vehicles per day and is near the intersection of East Bell Road with daily traffic counts of approximately 36,721 vehicles per day. The property is next to O’Reilly Auto Parts and Fry’s, and is in the immediate area of Walmart Supercenter, Wells Fargo, Home Depot, Chase, Starbucks, Petco, Wendy’s, Bank of America, Chipotle and more.