Marcus & Millichap Transacts the Sale of a U.S. Bank Ground Lease, a 4,500-SF Net-Leased Property in Scottsdale, Arizona

SCOTTSDALE, Ariz., 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 U.S. Bank Ground Lease, a 4,500-square-foot net-leased property located in Scottsdale, Arizona. The asset sold for $5,500,000.

“We were able to source a buyer on behalf of a local developer who understood the true strength of this location,” said Mark Ruble, investment specialist in Marcus & Millichap’s Phoenix office. “It is rare for a credit single tenant net lease property in Scottsdale to come available for purchase.” Ruble, Chris Lind, and Zack House, 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. The buyer, a private investor, was also procured by Ruble, Lind, and House. The transaction included a brand new 10-year absolute triple-net (NNN) ground lease with corporate guaranty by U.S. Bank. “We are pleased to have been able to help facilitate a successful closing for both parties,” added Ruble.

Built in 2023 with new high-quality construction, the property is located at 14900 North Pima Road in Scottsdale, Arizona. Scottsdale continues to be recognized nationwide as one of the top markets for business performance, job growth, livability, and friendly culture. The property sits in an excellent location in the North Scottsdale Retail Corridor which is adjacent to 330 brand new luxury apartment units. Within a five-mile radius, the population exceeds 166,341 with an average household income of $157,893.

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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.