SAN TAN VALLEY, ARIZ, – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Starbucks, a 2,400-square foot net-leased property located in San Tan Valley, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,620,000.
Jamie Medress and Mark Ruble, 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. Starbucks is located at 40889 North Ironwood Drive in San Tan Valley, the Phoenix metropolitan area’s southeastern suburbs. It sits adjacent to a new Safeway-anchored shopping center and is visible to more than 30,350 vehicles per day along North Ironwood Road. There are 77,996 residents in this rapidly growing trade area, and households in the immediate area are projected to increase more than 37% by 2022, implying that the property will continue to receive an increasing amount of traffic in the foreseeable future.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.