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 Walgreens, a 13,905-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 $2,075,000 ($149 PSF).
Mark Ruble, Jamie Medress 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, an individual/personal trust, was also procured by Lind, Medress and Ruble. Walgreens is located at 2435 East Greenway Parkway in Phoenix with excellent visibility near the intersection of Greenway Parkway and Cave Creek Road. The property was built in 1999 and is situated on 2.64 acres of land. Walgreens is about one mile from Route 51, a major connector for the Phoenix area, and it is surrounded by national retailers such as The Home Depot, Family Dollar, McDonald’s and more.