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CAVE CREEK, Ariz., (January 19, 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 Harbor Freight Tools, a 15,300-square-foot net-leased property located in Cave Creek, Arizona—the asset sold for $4,300,000 ($281 PSF).
Mark Ruble, executive managing director of investments, and Chris Lind, senior managing director of investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The sale included a lease with 10 years remaining and 10 percent rental increases every five years with multiple renewal options.
The subject property, located at 4868 East Carefree Highway in Cave Creek, Arizona, has brand-new high-quality construction and sits in a high visibility location along East Carefree Highway, which hosts over 31,500 vehicles daily. The asset is part of a strong retail corridor with retailers such as Lowe’s, Walmart Supercenter, Sprouts, Tractor Supply Co., and many more, including Fry’s, Home Depot, Wendy’s, Circle K, and Firestone across the street. The surrounding area is a rapidly growing Phoenix MSA trade area where the population and households are projected to increase 10 to 12 percent by 2027.