GLENDALE, Ariz., – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Walgreens, a 15,022-square-foot net-leased property located in Glendale, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,336,000 ($222 PSF).
Mark Ruble and Chris Lind, 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. The buyer, another limited liability company, was procured by Ruble and Lind.
Walgreens is located at 8309 West Glendale Avenue in Glendale, Arizona. Built in 2001, the property is located within one mile of major retailers like Walmart, O’Reilly Auto Parts, McDonald’s, Subway, Target, Kohl’s and more. Walgreens has excellent visibility on the signalized intersection of West Glendale Avenue (22,860 cars per day) and 83rd Avenue (13,612 cars per day). Easily accessible to 389,490 residents within a five-mile radius, the location has strong reported store sales.