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 Circle K Ground Lease, a 4,500-square-foot property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,780,000.
“Marketing this deal produced multiple offers, leading it to trade over list price,” said Cassandra Mosser, senior associate in Marcus & Millichap’s Phoenix office. “The desire for a COVID essential tenant mixed with a long-term, corporate lease, made this deal very attractive to a large buyer pool.” Mosser had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Circle K Ground Lease is located at 1875 West Greenway Road on the southeast corner of 19th Avenue and Greenway Road, which sees over 31,000 vehicles per day and connects directly to Interstate-17, Loop 101 and Route 51. The asset, built in 2017, includes a corporate guaranty with over 16 years remaining on a triple-net ground lease.