GILBERT, 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 Walgreens, a triple-net-leased property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,625,000 ($380 PSF)
Mark Ruble and Chris Lind, 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 Dan Peters, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in the firm’s Phoenix office. “Knowing our buyer was in a 1031 exchange specifically looking for a Walgreens or CVS in Arizona, we were able to utilize the Marcus & Millichap platform to source the deal for him immediately after it went to market,” Peters explained. “He plans to hold the asset as a long-term investment.”
Walgreens is located at 3233 East Germann Road in Gilbert, Arizona on the signalized hard corner of Germann Road and Higley Road, which sees over 54,625 vehicles per day. The 14,820-square-foot property was built on a 2.34-acre lot in 2005 and has 9.6 years remaining on its absolute triple-net corporate lease term. The growing Gilbert trade area has approximately 198,752 residents and households are projected to increase by over 17% within a five-mile radius of the property by 2024.