SAN TAN VALLEY, Ariz.– 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 Denny's, an absolute triple-net-leased restaurant with 14 years remaining on the lease, located in San Tan Valley, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,875,000 ($649 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. The buyer, a limited liability company, was also procured by Lind, Medress and Ruble. Denny's is located at 1758 West Hunt Highway in San Tan Valley, just across from a top-producing Walmart Supercenter Shopping Center. The 4,430-square-foot property was built in 2011 and is situated on a 0.89-acre lot. It has high visibility at the intersection of Gary Road and West Hunt Highway, which sees more than 52,200 vehicles per day. Denny’s is within the San Tan Heights master-planned community with over 3,700 residents. Households are projected to increase at least 40% in the immediate area by 2023.