Marcus & Millichap : Announces the Sale of O’Reilly Auto Parts, a 7,000-SF Net-Leased Property in Phoenix
November 24, 2021 at 02:30 pm EST
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PHOENIX, November 24, 2021 - 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 O'Reilly Auto Parts, a 7,000-square-foot net-leased property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm's Phoenix office, the asset sold for $2,132,000.
Mark Ruble 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 partnership. The buyer, a limited liability company, was procured by Ruble and Lind.
Built in 2006, O'Reilly Auto Parts rests in the rapidly growing Laveen trade area, where households and population are projected to increase approximately seven to eight percent in the surrounding area by 2025. The tenant recently executed their first five-year option with 10 percent rental increases every five years, showing commitment to the site. O'Reilly Auto Parts is located at 5349 West Baseline Road in Phoenix, Arizona.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 19:29:02 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
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