MARICOPA, 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 14,820-square-foot net-leased building on 1.73 acres in Maricopa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5.7 million ($385 PSF).
“In today’s market, real estate investments such as these are seeing tremendous demand. Active investors are aggressively pursuing opportunities across the state of Arizona. Our strategic marketing process yielded multiple qualified buyers, which in turn provided the seller with options”, said Sanford Burstyn in Marcus & Millichap’s Phoenix office. “Recent upgrades to Marcus & Millichap’s website generated record activity levels aiding maximum exposure of this opportunity.” Seller was the LLC of an estate of a Northern California Family. The out-of-state buyer, who was also procured by Burstyn, owns multiple Walgreens properties across the United States. “Ultimately we chose a buyer who demonstrated sincere commitment throughout the process.”
The subject property is located on the hard corner of a signalized intersection at North John Wayne Parkway and West Smith Enke Road, with high visibility to 50,000 vehicles per day. This intersection includes many national and regional retailers with nearly 600,000-square-feet of retail and 99% occupancy. Average household income of $77,000 in one-mile radius. This deal is a passive, net-lease investment built in 2005 with nine years remaining on the primary lease term.