Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of Super Star Car Wash, a 3,993-square-foot, net-leased property within the municipal bounds of Tempe.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $5,116,519.
The buyer, a limited liability company, was procured by Andrew Knudsen, an investment specialist in Marcus & Millichap’s Salt Lake City office.
The property has a new, 20-year absolute triple-net lease with 10% rental increases every five years, according to a press release. Super Star Car Wash is at 1335 W. Warner Road.
Based in the growing Tempe trade area half a mile of the I-10 Freeway, the property is surrounded by national retailers like IKEA, Lowe’s, Kick’s Sporting Goods, Main Event, Costco, The Home Depot and more. Population in the immediate area is projected to increase by 14% by 2025 and average household income exceeds $107,000 within a three-mile radius.