PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI) has announced the sale of Dutch Bros, a triple-net ground lease property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,202,000.
Jonathan Eckerd, Mark Ruble, Chris Lind and Jamie Medress, 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. Eckerd commented, “This was one of two Dutch Bros trophy assets in Arizona with a large building footprint and inside seating, making it a very desirable asset for our investors. After just one month on the market, we received five offers on this listing and it sold for the asking price.”
The buyer, an individual/personal trust, was procured by Cassandra Mosser, also an investment specialist in the firm’s Phoenix office. “This was a perfect deal for the buyer due to the low rent, underlining real estate, and the quality of the tenant,” Mosser explained.
Dutch Bros is located at 3215 East Chandler Boulevard in Phoenix as an outparcel to a Goodwill-anchored shopping center. The surrounding area has a strong daytime population of approximately 140,164 employees along with over 120,000 residents within a five-mile radius of the property. Average annual household income within the immediate area exceeds $125,000. Dutch Bros has 13 years remaining on their triple-net ground lease term with 2% annual rent increases.