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 Big 5 Sporting Goods, a net-leased property located in Maricopa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,163,000.
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. Big 5 Sporting Goods is located at 41800 West Maricopa-Casa Grande Highway as an outparcel to a Walmart Supercenter and only minutes from Harrah’s Ak-Chin Resort & Casino (300 rooms). The asset includes a double-net lease with corporate guaranty with four years remaining, and 10% rental increases every five years. Households are projected to increase by over 39% within five miles of the property by 2023, in addition to the approximately 51,548 residents currently living in the Maricopa Trade Area.