Commercial real estate brokerage Marcus & Millichap announced the sale of a brand-new Dutch Bros location in Peoria.

The property sold for $3.09 million.

“The property was under contract within 60 days of hitting the market,” said Zack House, first vice president investments. “The buyer is using the property to satisfy his 1031 requirement, and the seller is a preferred developer for Dutch Bros. This location is operated by the largest franchisee in Arizona.”

The property, located at 9145 N 91st Ave., is a newly constructed building featuring a drive-thru and a 15-year absolute triple-net lease. The asset sits on 0.98 acres directly off Loop 101 Freeway, a major connector for the Phoenix metropolitan area. It is situated near the high-traffic intersection of Olive Avenue and 91st Avenue, receiving visibility from about 37,500 vehicles per day.

House, Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Columbus and Phoenix offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.