GILBERT, AZ – 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 Sherwin-Williams, a 4,400-square-foot net-lease property located in Gilbert, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,615,000.
Chris Lind, 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. Sherwin-Williams was newly constructed in 2019 with a brand new 10-year corporate lease including 10% rental increases every five years.
The property is located at 663 West Warner Road in Gilbert with excellent visibility along Warner Road, which sees over 26,050 vehicles per day. Just down the street from the property is the signaled intersection of Warner Road and Cooper Road, which sees almost 58,300 vehicles per day.