FLAGSTAFF, Arizona – 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 Filiberto's, a 3,189-square-foot net-leased property located in Flagstaff, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,274,000 with a record low cap rate of 4.75%.
Chris Lind and Mark Ruble, 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.
Filiberto's is located at 2275 East Butler Avenue in Flagstaff, Arizona. Built in 1998, the net-leased property is situated immediately off the I-40 Freeway, the primary connector for Northern Arizona that hosts over 53,700 cars per day. Surrounded by national retailers like McDonald’s, Subway, Denny’s and Several hotels within a one-mile radius, Filiberto’s is easily accessible to 71,671 residents within a five-mile radius. This drive-thru location can be seen by over 27,800 cars per day along Bulter Avenue. The surrounding Flagstaff trade area has a strong daytime population with over 106,000 employees.