MARICOPA, Ariz.,– 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 AAMCO, a 4,380-square foot triple-net-lease property located in Maricopa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,522,000 ($576 PSF).
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. The buyer, a limited liability company, was procured by Adam Levin and Robert Johnston, investment specialists in Marcus & Millichap’s Palo Alto office.
AAMCO was just built this year at 20215 North John Wayne Parkway in Maricopa, Arizona and opened on May 1st. The property includes a brand-new 15-year absolute triple-net lease with a multi-unit franchisee. The lease has 10% rental increases every five years. Approximately 44,477 residents live within a five-mile radius of the property, and Maricopa High School (2,808+ students) is just three minutes down the road. The average annual household income within a one-mile radius of the property is over $73,000.