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 Walgreens, a 14,820-square foot absolute triple-net-leased property located in Buckeye, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,500,000.
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. The buyer, an individual/personal trust, was secured and represented by David Cutler, Joshua Johnson and Kirk Trammell, investment specialists in Marcus & Millichap’s Palo Alto office.
Walgreens is located at 23477 West Yuma Road in Buckeye, with great visibility on the southeast corner of the signaled intersection of South Watson Road and West Yuma Road. The property is across the street from a Fry’s Marketplace-anchored shopping center and diagonal from a Walmart Supercenter-anchored shopping center, creating a bustling location leading to strong store sales. This Walgreens includes an absolute triple-net corporate lease with 11 years remaining on the lease term. Approximately 57,845 people reside in the growing Buckeye trade area, with households and population projected to increase over 17% within a five-mile radius of the property over the next five years.