Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of an Original ChopShop property, a 2,847-square-foot single-tenant retail asset located in central Phoenix.
“Midtown and central Phoenix are undergoing a significant transformation as high-density-residential development projects, expanding entertainment and dining options and continued corporate investment reshape the area into one of the city’s fastest-growing urban corridors,” said Mark Ruble, senior vice president investments. “That momentum continues to drive investor demand for well-located retail properties occupied by established restaurant operators in central Phoenix.”
Ruble, Chris Lind and Zack House of Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a California-based investor.
The property is located at 2817 N. 7th St. Built in 1969, the 2,847-square-foot property is equipped with a drive-thru and is occupied by Original ChopShop, a Scottsdale-based restaurant brand with 27 locations across Arizona, Texas and Georgia. The restaurant will remain in operation following the sale.
