MESA, 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 Pep Boys, a 9,100-square-foot net-leased property located in Mesa, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. the asset sold for $3,076,000 ($338 PSF).

Zack House, 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, an individual/personal trust. The buyer, a limited liability company, was procured Alex M. Frankel, investment specialist in the firm’s Columbus office, along with Ruble and Lind.

Built in 2001, Pep Boys is located at 1947 North Higley Road in Mesa, Arizona. With excellent visibility along North Higley Road to over 24,450 cars per day, Pep Boys also has direct access to the Loop 202 freeway hosting more than 80,800 vehicles per day. The asset is down the road from The Boeing Company’s corporate Mesa office hosting 3,700 employees and surrounded by national retailers like Walmart, Staples, Fry’s, Kohl’s, Burger King, Arby’s, AutoZone Auto Parts and more. Pep Boys is adjacent to Falcon Field Airport which contributes more jobs and economic benefit, over $811 million annually, than any other general aviation airport in the Phoenix area.

The 2022 edition of Ranking Arizona listed Menlo Group as the No. 1 Industrial Real Estate Brokerage in the state.

Tempe, AZ – Menlo Group Commercial Real Estate was recently recognized as the No. 1 Industrial Real Estate Brokerage Firm in Arizona by Ranking Arizona, the state’s largest business opinion poll. For the past 25 years, AZ Big Media has tallied public votes and published the top ten businesses in each category in an annual magazine.

“We are honored to be recognized by our clients and others in the community,” said Tom Ellixson, CCIM, who leads Menlo Group’s Industrial Advisor Team. “Our founders, Tanner and Grafton Milne, have built an incredible business that is well-known throughout the industry for its unique processes, team approach and dedication to continuous improvement.”

Menlo Group was also listed among the top 10 businesses in five other commercial real estate categories:

Best Real Estate Workplace Culture (39 staff or fewer)

• Brokerage Firm (27 brokers or fewer)
• Brokerage Firm: Land
• Brokerage Firm: Medical
• Brokerage Firm: Office

If you have had a good experience working with Menlo Group, please consider making your voice heard in the 2023 Ranking Arizona poll. Votes can be submitted now through July 31, 2022.

TUCSON, ARIZONA – A ground lease on a newly constructed Arby’s at 1050 East Tucson Marketplace Boulevard in Tucson sold for $1,720,882 ($46.32 PSF).

The 37,139-square-foot pad had a 2,300-square-foot Arby’s under construction at time of sale, with expected opening later this month.

The ground lease sold with a 20-year lease with four 5-year options.

Arby’s, founded in 1964, is the second-largest sandwich restaurant brand in the world with more than 3,500 restaurants in nine countries.

The Arby’s brand purpose is “Inspiring Smiles Through Delightful Experiences®.” Arby’s delivers on its purpose by celebrating the are of Meatcraft® with a variety of high-quality proteins and innovative, crave-able sides, such as Curly Fries and Jamocha shakes. Arby’s Fast Crafted® restaurant services feature a unique blend of quick-serve speed combined with the quality and made-for-you care of fast casual.

Arby’s Restaurant Group, Inc. is the franchisor of the Arby’s Brand and is part of the Inspire Brands family of restaurants headquartered in Atlanta, GA. Inspire Brands is the owner and franchisor of Arby’s, Baskin-Robins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, and Sonic Drive-In, among others, with a combined 32,000 locations across 65 countries and over $27 billion in revenues. Inspire Brands is majority owned by Roark Capital Group, an Atlanta-based private equity firm with 25th billion assets under management.

Chad Russell with Land Advisors Organization of Phoenix represented the seller, Tucson Marketplace developer, Fullerton Tucson Marketplace of Toronto, Ontario, Canada.  The investor, a family trust from El Cajon, CA was represented by Jonathan Eckerd of James Capital Advisors of Scottsdale.

For more information, Russell can be reached at 480.874.4339 and Eckerd can be contacted at 602.737.0906.

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