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 Super Star Car Wash, a 3,501-square-foot net-leased property located in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,205,000 ($1,487 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 subject property has a new 20-year absolute triple-net lease with 10% rental increases every five years.
Super Star Car Wash is located at 950 South Val Vista Drive in Gilbert, Arizona. The property is visible to over 34,000 vehicles per day along South Val Vista Drive and over 54,640 vehicles per day at the intersection of Val Vista Drive and Warner Road. Based in the growing Gilbert trade area, Super Star Car Wash is easily accessible to 317,411 residents within a five-mile radius where households are projected to increase nearly 9% by 2025 within three miles of the net-leased property.