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 Whataburger, a 2,964-square-foot net-leased property located in Scottsdale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,860,000.
Mark Ruble, Jamie Medress and Chris Lind, 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, a private investor, was procured by Ruble.
Whataburger is located at 9990 North 90th Street in Scottsdale as an outparcel to a Home Depot-anchored shopping center. This asset includes an absolute triple net corporate lease with two years remaining and 4.5% rental increases in each renewal option. The property was built in 1998 on 0.66 acres.