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 Panda Express & Five Guys, a 6,317-square-foot retail property located in Tucson, Arizona.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,404,600 ($697 PSF).
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 is 100 percent leased to Panda Express & Five Guys, both of which have long-term occupancy and just extended their lease terms. Rental increases will occur in 2023 and 2025.
Built in 1985, Panda Express & Five Guys is located at 2800 North Campbell Avenue in Tucson, Arizona. The property is located in Campbell Plaza along with Ace Hardware, Albertsons and Ross. The signalized hard corner location on North Campbell Avenue and East Glenn Street is visible to 56,625 vehicles per day. Panda Express & Five Guys is also easily accessible to 280,438 residents within a five-mile radius of the shopping strip in the growing Tucson trade area.
To learn more, see RED Comp #8869.