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 Super Star Car Wash, a 5,037-square-foot net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,855,000.
Zack House, Chris Lind 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 limited liability company. The buyer, an individual/personal trust, was procured by Hamid Panahi and James Crawley, investment specialists also in the firm’s Phoenix office.
“In conjunction with our net lease team in Phoenix, we were able to effectively execute a 1031 tax-deferred exchange for the client trading out of multifamily and into a more passive investment vehicle,” stated Crawley. “Cross-product collaboration combined with Marcus & Millichap’s extensive, exclusively-listed inventory were key in achieving a successful apartment sale and ensuring the preservation of our client’s equity with their new acquisition.”
Super Star Car Wash is located at 3930 East Baseline Road in Phoenix. The asset included a new 20-year absolute triple-net lease with 10% rental increases every five years. Built in 2016 on a 1.54-acre lot, the car wash is visible to over 59,360 vehicles per day along East Baseline Road and is just 1.5 miles from Interstate-10.