Press Releases
Marcus & Millichap Brokers $3.86M Sale of Triple-Net-Leased Chipotle in Gilbert, Arizona
October 27, 2026
GILBERT, Ariz., Oct. 27, 2026 – 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 Chipotle, a triple-net-leased restaurant property located at 4733 E. Germann Road in Gilbert, Arizona. The property sold for $3.86 million, or $1,661 per square-foot.
“This transaction provided the buyer with an opportunity to complete a 1031 exchange and acquire a long-term, income-producing asset with no landlord responsibilities,” said Jason Fefer, senior director investments. “As a first-time net-lease investor, the buyer benefited from guidance throughout the exchange and acquisition process. The Phoenix metropolitan area continues to see strong demand from investors, driven by population growth and the limited availability of quality real estate in its expanding suburbs.”
Fefer and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, in association with Ryan Sarbinoff, Marcus & Millichap’s Arizona broker of record, represented the buyer, a private family completing a 1031 exchange following the sale of land. The seller was a Phoenix-based development company. The transaction was completed with all cash.
The property is subject to a 15-year initial triple-net lease, providing the buyer with long-term rental income and no landlord responsibilities. Located along East Germann Road in Gilbert, the property is situated within the growing Phoenix metropolitan area.
“This transaction provided the buyer with an opportunity to complete a 1031 exchange and acquire a long-term, income-producing asset with no landlord responsibilities,” said Jason Fefer, senior director investments. “As a first-time net-lease investor, the buyer benefited from guidance throughout the exchange and acquisition process. The Phoenix metropolitan area continues to see strong demand from investors, driven by population growth and the limited availability of quality real estate in its expanding suburbs.”
Fefer and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, in association with Ryan Sarbinoff, Marcus & Millichap’s Arizona broker of record, represented the buyer, a private family completing a 1031 exchange following the sale of land. The seller was a Phoenix-based development company. The transaction was completed with all cash.
The property is subject to a 15-year initial triple-net lease, providing the buyer with long-term rental income and no landlord responsibilities. Located along East Germann Road in Gilbert, the property is situated within the growing Phoenix metropolitan area.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
