TUCSON, Ariz., – 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 Krispy Kreme Ground Lease, a 0.69-acre net-leased property located in Tucson, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,500,000.
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 property has a brand new 20-year absolute triple-net ground lease with 10 percent rental increases every five years. The tenant is a 40-unit Krispy Kreme franchisee.
The store is under construction at 1090 W Irvington Rd, Tucson.
Excellently located adjacent to the Interstate-19 Freeway, the primary connector for Tucson and Phoenix, Krispy Kreme Ground Lease is across from Tucson Spectrum, a major shopping center with national retailers including Target, The Home Depot, Harkins Theaters, JCPenney, PetSmart, Michaels, Old Navy, Best Buy, et cetera. Located at 1090 West Irvington Road in the growing Tucson trade area, the asset is easily accessible to 205,584 residents and a strong daytime population of over 211,958 employees within a five-mile radius.