TUCSON, Ariz., January 20, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of El Pollo Loco Ground Lease, a net-leased property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,632,000 ($679 PSF).
Jamie Medress and Mark Ruble, 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. El Pollo Loco Ground Lease is located at 4755 South Landing Way in Tucson, Arizona. This 2,405-square-foot building with a drive-thru was constructed in 2020 on a 0.82-acre lot.
This transaction involved the sale of the improvements and a leasehold on the land. The asset includes a brand new 20-year absolute triple-net (NNN) ground lease with 2% annual rental increases.
For more information, Medress and Ruble should be contacted at 602.687.6779.
To learn more, see RED Comp #8392.