Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 119,336-square-foot, triple-net Lowe’s ground lease in Tempe, Arizona. The sales price is $22.7 million.
“Highlighting the strength of the asset’s positioning within two of the area’s largest urban centers, central Phoenix and Tempe, and the solidity of the Lowe’s corporate guarantee, we generated a great deal of interest in this offering from a wide range of investors, both public and private,” says Jamie Medress, senior managing director investments in Marcus & Millichap’s Phoenix office. “The transaction process and successful close greatly benefitted from the strength of our long-term relationship with Kitchell Development Co.’s president, Jeff Allen, and senior director of development, Ryan Cochran. Congratulations go to Jeff and Ryan on the sale. We are grateful to them both for the opportunity to complete the assignment.”
“Jamie’s market knowledge and closing experience really paid off for us,” says Allen. “We collaborated throughout the entire process while Jamie put all of the strengths of the Marcus & Millichap platform to work on our behalf. Because of Jamie’s pinpoint pricing guidance and skillful engineering every step along the way, we received numerous offers and closed with an ideal buyer in less than 40 days. In every way, this was a textbook sale.”
Medress and Mark Ruble, also a senior managing director investments in Marcus & Millichap’s Phoenix office, represented Kitchell.
Built in 2009, the property is located on a 10.3-acre corner parcel at the signalized hard corner of South Rural Road and East Baseline Road. Arizona State University’s Tempe campus, home to 50,000 students, is within three miles, downtown Phoenix is 20 minutes away, and U.S. Route 60 is within one mile. There are more than 566,000 daytime employees within a five-mile radius and the average annual household income within three miles is well above the national average at $70,000.