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 a 4,832-square-foot retail property 100% leased to a diverse tenant profile in Tucson, Arizona. Tenants include Sprint, Long Realty, and Zanes Law, all three of which have triple-net leases. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,105,000.
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. This asset is located at 1226 West Irvington Road in Tucson, Arizona, adjacent to the Interstate-19 freeway that connects Phoenix and Tucson. The property has an excellent location within Tucson Spectrum and has a strong daytime population that includes 214,965 employees in the surrounding area. There are 200,323 residents in the growing trade area, and households within a one-mile radius of the property are projected to increase over 7% by 2023.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.