PHOENIX, Ariz., November 14, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of a 7,700-square-foot retail property located in Phoenix, Arizona. The asset sold for $3.6 million.
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 limited liability company. The buyer, a limited liability company and private investor was secured and represented by Matthew Jarecki, Mark Ruble, and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office.
The property is located at 320 W Bell Road in Phoenix, Arizona. It is an outparcel adjacent to the WinCo Foods grocery store and houses Tropical Smoothie Café, Athletico Physical Therapy, and The Buffalo Spot. At the time of sale, the property was fully occupied, with all tenants operating under triple-net leases. These leases had five to eight years of terms, featuring annual rental increases and multiple renewal options for all tenants.