TEMPE, Arizona – 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 Super Star Car Wash, a 3,993-square-foot net-leased property located in Tempe, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,116,519 ($1,281 PSF).
Zack House, Waylan Heers, 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 Andrew Knudsen, an investment specialist in Marcus & Millichap’s Salt Lake City office. The property has a new 20-year absolute triple-net lease with 10% rental increases every five years.
Super Star Car Wash is located at 1335 West Warner Road in Tempe, Arizona. Based in the growing Tempe trade area half a mile of the I-10 Freeway, the property is surrounded by national retailers like IKEA, Lowe’s, Kick’s Sporting Goods, Main Event, Costco, The Home Depot and more. Population in the immediate area is projected to increase by 14% by 2025 and average household income exceeds $107,000 within a three-mile radius.