Marcus and Millichap arranges sale of Walgreens in Gilbert

Independent Newsmedia
Posted 7/13/20

Marcus and Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of a Walgreens in Gilbert, a …

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Marcus and Millichap arranges sale of Walgreens in Gilbert

Posted

Marcus and Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of a Walgreens in Gilbert, a triple-net-leased property.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,625,000, a release states.

The Walgreens is at 3233 E. Germann Road in Gilbert on the signalized hard corner of Germann Road and Higley Road.

Mark Ruble and Chris Lind, investment specialists in Marcus and Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, according to the release,

The buyer, a limited liability company, was procured by Dan Peters, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in the firm’s Phoenix office.

“Knowing our buyer was in a 1031 exchange specifically looking for a Walgreens or CVS in Arizona, we were able to utilize the Marcus and Millichap platform to source the deal for him immediately after it went to market,” Mr. Peters said in the release. “He plans to hold the asset as a long-term investment.”

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