MESA, AZ – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Flaming Kabob, a double-net-leased property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $655,000 ($205 PSF).
Zack House, 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. Flaming Kabob is located at 2252 East Baseline Road in Mesa, adjacent to a newly completed 104-unit apartment complex. The 3,200-square-foot property, built in 1997, underwent a significant remodel in 2020. It has six years remaining on its lease term with annual rent increases. There are approximately 403,752 residents within a five-mile radius of the property with an average annual household income of $80,922.