Address: 1656 South Alma School Road, Mesa, Arizona, United States 85210
Cap Rate: 6.75%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $260,000
Net Operating Income: $260,000
Lease Term Remaining: 20 Years
Rental Increases: 7.5% Every Five (5) Years
Options: Four (4), Five (5)-Year
Year Built: 2019
Rentable Sq/Ft: 8,386 SF
Rent Sq/Ft: $31
Price Sq/Ft: $459
Lot Size: +/- 0.38 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Ojos Locos Sports Cantina located at 1656 South Alma School Road in Mesa, Arizona. The subject property consists of approximately 8,386 rentable square feet and is situated on approximately 0.38 acres of land. The property is subject to a brand-new, 20-year sale-leaseback that will commence upon the close of escrow. The base rent will be $260,000 and is scheduled to increase by 7.50% every five years, continuing throughout four (4), five (5)-year tenant renewal options.
The subject Ojos Locos is located at 1656 South Alma School Road in Mesa, Arizona. Mesa, located just east of Phoenix, is the third largest city in Arizona with a population of nearly half a million people. Mesa Community College, located less than a mile down the road, is the largest school in the Maricopa County Community College District with over 20,400 students enrolled, the largest in the nation in terms of enrollment. Additionally, the subject property benefits from its close proximity to Arizona State University, which has a massive student enrollment totaling over 71,000 and is within seven miles of the property.
SURROUNDING RETAIL & POINTS OF INTEREST
The Ojos Locos is well-positioned along South Alma School Road as one of the first restaurants travelers will see as they come off Highway 60, less than a quarter mile from the property. There are many major national and local tenants in the surrounding area which include: Walmart, Costco, Target, Starbucks, Papa Johns, FedEx, Chipotle, Jack in the Box, Walgreens, Big Lots, Dollar Tree, McDonald’s, and Burger King among various others. There are also several lodging accommodations for travelers passing through the immediate area such as Courtyard by Marriott, La Quinta Inn & Suites, Hilton, Days Hotel by Wyndham, Motel 6 and more. Additionally, the property is within 15 miles of Phoenix Sky Harbor International Airport, which services nearly 44 Million passengers annually and employs nearly 9,500 people.
TRAFFIC COUNTS & DEMOGRAPHICS
This area has very strong demographics, with approximately 156,000 people residing within a three-mile radius and more than 423,000 people within a five-mile radius of this property. This Ojos Locos is ideally situated on the hard corner of a signalized intersection where South Alma School Road passes over Superstition Freeway. These two roads boast significant traffic counts of 40,700 and 217,500 vehicles per day, respectively.
Phoenix is the vibrant center of one of the fastest growing job markets and economies in the United States. The sixth-largest city in the country, Phoenix is emerging in the new economy with strength in high technology, manufacturing, bioscience research and advanced business services. As a top market for skilled and available workforce, companies are growing in Phoenix because it’s not only a thriving business environment, but a great place to live your life. Phoenix is #1 in entrepreneurial activity for a reason. The evolution of downtown Phoenix over the last five years has been significant, with more than $4 billion invested in office space, retail, restaurants, educational facilities, convention space and hotel rooms. Today’s downtown Phoenix boasts the highest concentration of employment in Arizona, offering impressive urban amenities including living, shopping, arts and entertainment. The dramatic growth is providing a surge in momentum for even more development. In addition to large-scale projects such as the Phoenix Convention Center expansion, Valley Metro Light Rail and the Phoenix Biomedical Campus serving as major activity centers, there is a real grassroots effort to create a true downtown community. This change is being driven by neighborhood residents, business owners, students and the thousands of people who live, work and play in downtown Phoenix.
Broker of Record: Ryan Sarbinoff License #BR675146000