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 IHOP, a 25-year sale-leaseback property located in Phoenix, Arizona.
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 limited liability company. IHOP is located at 2000 West Northern Avenue, adjacent to a Sprouts Farmers Market-anchored shopping center. This 4,779-square-foot property was built in 2012 on 1.59 acres less than one mile from Interstate-17. It is visible to about 66,120 vehicles per day and benefits from a strong daytime population of 473,170 employees in a five-mile radius. The tenant, one of the largest franchisees and developers of IHOP restaurants in the U.S., recently signed a brand-new 25-year absolute triple-net lease.