(News Release)
Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Savers, a 30,239 square-foot triple net-leased property located in Chandler, AZ, according to Justin White, regional manager of the firm’s Las Vegas office. The asset sold for $3,750,000.
Ray Germain had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by both Ray Germain and Charles J. Connors, Senior Associates in Marcus & Millichap’s Las Vegas office. Sanford Burstyn, Broker, assisted in closing this transaction.
“With less than one week of marketing we were able to secure a 1031 exchange buyer who we recently represented on the sale of a motel site in Downtown Las Vegas, NV,” states Germain. Savers is located at 1106 North Arizona Avenue in Chandler, AZ. With over 200 linear feet of frontage on Arizona Avenue, the tenant maintains a significant amount of exposure to over 40,000 vehicles per day. Savers is neighbored by many complimentary retailers including Food Lion, AutoZone, Walgreens, McDonalds, Pizza Hut, Burger King, Super Pawn, and many more. This area of Chandler provides the tenant with a very healthy demographic profile and densely populated with over 140,000 residents living within three miles of the property with the average household income over $80,000 per year. Connors adds, “This was yet another asset sold by the consistent and proven track record of Marcus & Millichap and their ability to cooperate together to assist both the buyer and seller to reach a mutually beneficial transaction.”
