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 net-lease drugstore located in Tempe, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $9,050,000.
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. Walgreens has an absolute triple-net corporate lease with 14 years remaining on the lease term. It is located at 2000 South Mill Avenue just two miles from downtown Tempe and minutes from Arizona State University’s Tempe campus (51,585+ students). This Walgreens is visible to over 55,150 vehicles per day at the intersection of Mill Avenue and Broadway Road. There are more than 316,525 residents living within the growing Tempe trade area, and average annual household income exceeds $74,000 in the immediate area.
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.