TEMPE, 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 13,905-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 $4,225,000 ($304 PSF).
Chris Lind 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 partnership. Walgreens is located at 1825 East Warner Road, visible to more than 42,000 vehicles per day at the nearby intersection of East Warner Road and South McClintock Drive. The asset includes a corporate guaranty from Walgreens and approximately seven years remaining on the lease term. The property was built in 1998 on 1.87 acres.