FLORENCE, Ariz., (Oct. 24, 2024) – 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 a net-leased Safeway grocery store in Florence, Arizona. The property sold for $10.2 million ($176 PSF).
“We were pleased to assist our client in using the property to satisfy his 1031 requirement,” said Mark Ruble, executive managing director investments. “We were happy to structure a mutually beneficial deal for all parties involved.”
Mark Ruble, Scott Ruble, Chris Lind, and Zack House, investment specialists in Marcus & Millichap’s Columbus and Phoenix offices, procured the buyer, a limited partnership.
The Safeway location is on 6.39 acres at 3325 N Hunt Highway. Built in 2008, the 57,860-square-foot store is situated at the intersection of Merrill Ranch Parkway and N Hunt Highway with neighboring retailers, including Subway, McDonald’s, and Circle K.