Marcus & Millichap Closes the Sale of Gravity Coffee, a 752-SF Net- Leased Property in Phoenix, Arizona

PHOENIX, July 15, 2024 – 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 Gravity Coffee, a 752-square-foot net-leased property located in Phoenix, Arizona. The asset sold for $2,659.57 per square-foot totaling $2,000,000.

“The seller is a preferred developer for Gravity Coffee, a growing brand entering the Arizona market,” says Zack House, an investment specialist in Marcus & Millichap’s Phoenix office. House, Mark Ruble and Chris Lind, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. This transaction included a brand new 25-year absolute triple-net (NNN) lease with corporate guaranty and 10 percent rental increases every five years with multiple renewal options. “The Buyer is using the Property to satisfy his 1031 requirement. We were happy to structure a mutually beneficial deal,” says House.

Built with new 2024 construction and a drive-thru, Gravity Coffee is located at 20049 North 24th Way in Phoenix, Arizona. The tenant is a growing drive-thru coffee chain with more than 100 locations currently open and in development across nine states. The property is in the dense North Phoenix trade area, with 241,685 residents within a five-mile radius. Directly across from Costco, and near other national tenants such as McDonald’s and Taco Bell, it is situated immediately off Pima Freeway/ Loop 101 which is a significant connector for the Phoenix area that hosts more than 272,000 cars per day.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.