SIERRA VISTA, 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 Safeway, a triple-net-leased property located in Sierra Vista, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9.6 million ($174 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. Safeway is located at 2190 East Fry Boulevard in Sierra Vista, visible to the more than 21,100 vehicles per day along East Fry Boulevard and just 15 minutes to Fort Huachuca, the city’s largest employer. There are just over 49,000 residents in this growing trade area with an average household income exceeding $72,000 per year within a five-mile radius of the property. This 55,256-square-foot grocery store is situated on a 3.81-acre lot and has a brand-new 20-year absolute triple-net lease.