BULLHEAD CITY, 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 a triple-net-leased Arby’s located in Bullhead City, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,750,000 ($565 PSF).
Jonathan Eckerd, Chris Lind, Jamie Medress and Mark Ruble, 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.“After just thirty days on the market, we received three competitive offers on the asset,” Eckerd stated. “By utilizing the firm’s expansive pool of buyers, we were able to source a 1031 exchange buyer from Idaho looking to trade out of farm land and increase their cash flow.” Eckerd and his team were able to achieve a lower cap rate than previous sales in both metro Phoenix and Tucson by thoroughly understanding the market for this product.
Arby’s is located at 2320 Highway 95 in Bullhead City, Arizona. The property was built in 1988 and recently remodeled in 2018, costing more than $500,000. The building is 3,099-square-feet and is situated on 0.83 acres of land.