Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Wednesday, July 9 the sale of AAA, a triple-net-leased property in Goodyear.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, AAA sold for $4 million.
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, according to a release.
Alan Laulainen, an investment specialist in Marcus & Millichap’s Phoenix office and the referring agent in this transaction, found the buyer while marketing another listing in the area. The buyer, a limited liability company, was represented by Matt Hagar with Intero Commercial, a family member of theirs.
“The buyer was looking for a stable credit tenant deal with a long-term NNN lease in an industry that was considered essential (open during the pandemic),” Mr. Laulainen stated. “They had 1031 exchange funds to place and this AAA asset I introduced them to fit their needs perfectly.”
AAA was built in 2019 at 15578 W. McDowell Road.
The property includes a new, 10-year absolute triple-net corporate lease with 10% rental increases every five years, the release states.
The 8,540-square-foot property built on a 1.15-acre lot has excellent visibility near the intersection of North Pebblecreek Parkway and West McDowell Road, which sees more than 29,000 vehicles per day.
According to Marcus & Millichap, 142,559 people reside within five miles of the property and have an average annual household income of $92,099.