CHANDLER, 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 Whataburger Ground Lease, a 1.67-acre property located in Chandler, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,697,000.
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 limited liability company.
Whataburger Ground Lease is located within the New Layton Lakes Village retail center at intersection of Queen Creek Road & Gilbert Road in Chandler, Arizona. One mile off of the Loop 202 Santan Freeway which hosts 162,410 vehicles per day, the asset is in the middle of a rapidly growing trade area where households and population are projected to increase over 24-percent within a one-mile radius by the year 2025. Near the high-traffic intersection of Queen Creek Road and Gilbert Road, the property is visible to more than 45,800 vehicles per day and easily accessible to 263,165 residents within a five-mile radius.