STANFIELD, 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 Family Dollar, an 8,320-square-foot net-leased property located in Stanfield, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,315,000 ($158 PSF).
Zack House, 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.
“The buyer, a Wisconsin investor that had worked with Marcus & Millichap in the past, was in a 1031 exchange and looking for mailbox income,” said Tony Sanicola, senior associate in Marcus & Millichap’s Milwaukee office. “She was especially interested in Arizona because she has a second home there.”
The buyer was procured by Sanicola alongside Thomas Pogodzinski, senior associate also in the firm’s Milwaukee office. Michael Hughes of Marcus & Millichap Capital Corporation (MMCC) secured the debt for the property and was able to provide the buyer with a 10-year note at 3.85%, 70% LTV.
Family Dollar is located at 60 Albany Way along AZ-84 in Stanfield, Arizona. The asset has eight years remaining on a corporate-guaranteed lease. Limited competition surrounds Family Dollar with few retailers in town.