GILBERT, Ariz., (July 18, 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 Starbucks, a 2,497-square-foot net-leased property located in Gilbert, Arizona.
The asset sold for $2,600,000 ($1,041 PSF).
“We were able to generate multiple offers within the first two weeks of marketing and selected who we felt was the highest probability buyer,” said Mark Ruble, investment specialist in Marcus & Millichap’s Phoenix office. Ruble, Chris Lind and Zack House, 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 buyer, a private investor, was procured by Nick Christifulli, investment specialist in the firm's Phoenix office along with Ruble, Lind and House. At this property the tenant extended their lease early through February 2033 with corporate Starbucks Guaranty. “The offering presented a great opportunity for a buyer to acquire a single tenant asset with excellent underlying dirt and a recently extended lease term,” adds Ruble.
Starbucks is located at 2334 South Val Vista Drive in Gilbert, Arizona. Situated in a rapidly growing trade area, households are projected to increase more than 13 percent in the immediate area by 2027. Within a five-mile radius of the location, there are 311,769 residents in the dense Gilbert trade area, with an average household income that exceeds $140,000 in a one-mile radius. The nearest intersection, East Williams Field Road and South Val Vista Drive, hosts approximately 64,255 cars traveling across per day. The property sits in an excellent location in Gilbert’s primary retail corridor, which includes SanTan Village Shopping Mall, Top Golf, Walmart, and more.