TUCSON, 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 Old Vail Plaza, a 7,200-square-foot, four-suite retail property located in Tucson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,825,000 ($392 PSF).
Scott Ruble, 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.
Old Vail Plaza is 100% leased to Baggin’s Gourmet Sandwiches, One Nail Lounge, Desert Zen Yoga, and Brooklyn Bedding, all with all triple-net leases in place. The property is located at 10235 East Old Vail Road in Tucson within the Houghton Town Center and surrounded by major retailers such as Walmart Supercenter, Petco, T.J. Maxx, Ross and more.
The closest major intersection sees over 24,600 vehicles per day and there are currently approximately 47,192 residents within the growing southeast Tucson trade area. The average annual household income exceeds $92,000 within five miles of Old Vail Plaza and households in that same area are projected to increase over 22% in the next five years.
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