FLAGSTAFF, Ariz., October 25, 2019 – 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 Dutch Bros. Coffee located at 1771 North 4th Street in Flagstaff, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,080,000 ($31.78 PSF).
The buyer, a limited liability company, was procured by Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office. The 0.78 acres of land are leased to Dutch Bros. Coffee on an absolute triple-net ground lease basis. The 15-year lease commenced on February 5, 2019 and the 880-square-foot coffee shop has been open since June of 2019. Located off the Historic Route 66 and within a grocery shadow anchored center, Dutch Bros. Coffee is expected to receive plenty of traffic from the 111,000 daytime workers in the trade area.