PHOENIX, (July 16, 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 Gravity Coffee, a 752-square-foot net-leased property located in Phoenix, Arizona.
The asset sold for $2,659.57 per square foot, totaling $2,000,000.
“The seller is a preferred developer for Gravity Coffee, a growing brand entering the Arizona market,” says Zack House, an investment specialist in Marcus & Millichap’s Phoenix office. House, Mark Ruble and Chris Lind, 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. This transaction included a brand new 25-year absolute triple-net (NNN) lease with corporate guaranty and 10 percent rental increases every five years with multiple renewal options. “The Buyer is using the Property to satisfy his 1031 requirement. We were happy to structure a mutually beneficial deal,” says House.
Built with new 2024 construction and a drive-thru, Gravity Coffee is located at 20049 North 24th Way in Phoenix, Arizona. The tenant is a growing drive-thru coffee chain with over 100 locations currently open and developing across nine states. The property is in the dense North Phoenix trade area, with 241,685 residents within a five-mile radius. Directly across from Costco and near other national tenants such as McDonald’s and Taco Bell, it is situated immediately off Pima Freeway/ Loop 101, which is a significant connector for the Phoenix area that hosts more than 272,000 cars per day.