Tempe, Arizona – 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 a four-suite, 7,228-square-foot retail property located in Tempe, Arizona. Tenants include Jimmy John’s, Mika’s Greek, The Cut Barbershop and Bonchon. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,105,000.
Ken Johnson II, Richard Butler, Chris Lind, 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 local family trust. “Owned since 2006, the seller hired Marcus & Millichap’s uniquely collaborative agent network who broadly marketed the asset, astutely fielded and assessed multiple high-probability offers. We decisively recommended an offer received from a highly motivated Canadian buyer who was represented by a seasoned independent local broker who closed the transaction with an insurance company loan,” Butler stated.
Built in 2001, this shopping strip is situated on 1.31 acres of land at 780 West Elliot Road in Tempe, Arizona. The property has excellent visibility from West Elliot Road, which sees 32,500 vehicles per day, and receives plenty of traffic from Interstate-10 (one mile away) which sees over 218,000 vehicles per day. The seller recently extended both the Bonchon and Mika’s Greek leases.
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.