GILBERT, 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 Goodyear Auto Service, a double-net-lease property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,700,000.
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.
Goodyear Auto Service is located at 680 West Ray Road in Gilbert, Arizona. They have a 20-year operating history at this location with over four years remaining on their lease term. The nearby intersection of Ray Road and Cooper Road sees over 46,400 vehicles per day. This property is positioned within a high growth area, with households in a five-mile radius of the property expected to increase more than 10% by 2023. There are approximately 333,614 residents living within five miles of this Goodyear Auto Service and the average annual household income exceeds $112,000 in the immediate area.