TUCSON, ARIZONA – Marcus & Millichap (NYSE: MMI) announced today the sale of a 4,832-square-foot retail property 100% leased to a diverse tenant profile in Tucson, Arizona. Tenants include Sprint, Long Realty, and Zanes Law, all three of which have triple-net leases. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,105,000 ($436 PSF).
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. This asset is located at 1226 West Irvington Road in Tucson, Arizona, adjacent to the Interstate-19 freeway that connects Phoenix and Tucson. The property has an excellent location within Tucson Spectrum and has a strong daytime population that includes 214,965 employees in the surrounding area. There are 200,323 residents in the growing trade area, and households within a one-mile radius of the property are projected to increase over 7% by 2023.
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