PHOENIX, ARIZONA – 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 O'Reilly Auto Parts, a 7,000-square-foot net-leased property located in Phoenix, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,132,000 ($305 PSF).
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 partnership. The buyer, a limited liability company, was procured by Ruble and Lind.
Built in 2006, O’Reilly Auto Parts rests in the rapidly growing Laveen trade area, where households and population are projected to increase approximately seven to eight percent in the surrounding area by 2025. The tenant recently executed their first five-year option with 10 percent rental increases every five years, showing commitment to the site. O'Reilly Auto Parts is located at 5349 West Baseline Road in Phoenix, Arizona.