PHOENIX, (July 22, 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 7-Eleven, a 2,400-square-foot net-leased property located in Phoenix, Arizona.
The asset sold for $2,000,000 ($833 PSF).
“We appreciated the opportunity to represent our selling client on this property now for the second time,” said Mark Ruble, investment specialist in Marcus & Millichap’s Phoenix office. Ruble, Chris Lind and Zack House, also investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The sale included an absolute triple-net (NNN) corporate lease with five years remaining with 7-Eleven. “The tenant recently executed a lease renewal and the seller saw it as an opportunity to exit the property and move into new opportunities.” added Ruble.
7-Eleven is located at 646 West Indian School Road in Phoenix, Arizona. This property is easily accessible near three major highway systems, including Interstate 10 and 17, and has visibility to a combined 91,000 cars per day at the corner of North Seventh Street and West Indian School Road. The population is a dense Phoenix infill, with 464,648 within a five-mile radius. The tenant has shown a long-term commitment to the site by operating for 45 years at this location.