CHINO VALLEY, Ariz., February 17, 2023 – 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 Sherwin-Williams, a 4,500-square-foot net-leased property located in Chino Valley, Arizona. The asset sold for $3,148,000.
Mark Ruble, executive managing director investments and Chris Lind, senior managing director investments in Marcus & Millichap’s Columbus and Phoenix offices respectively, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, another limited liability company, was procured by Ruble and Lind. Ryan Sarbinoff, Arizona broker of record, assisted in closing the transaction which included a brand new 10-year corporate lease with Sherwin-Williams with 10 percent rental increases every five years.
Newly built 2022, Sherwin-Williams is located at 89 West Road 2 North in Chino Valley, Arizona. Situated within a rapidly growing trade area, the asset is anchored by Safeway and neighboring other tenants in Chino Valley’s primary retail corridor including Walgreens, Taco Bell, KFC, Sonic Drive-In and Burger King. The asset is easily accessible to over 22,000 vehicles per day on Arizona Highway-89, a significant connector with direct access to Interstate-40. Sherwin-Williams is less than 20 miles north of Prescott, surrounded by numerous new housing developments in Chino Valley, Prescott and Prescott Valley.