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CAVE CREEK, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 4868 E. Carefree Highway in Cave Creek, a suburb north of Phoenix. A limited liability company sold the asset to an undisclosed buyer for $4.3 million.
Harbor Freight Tools occupies the 15,300 square feet of retail space. The sale included a lease with 10 years remaining and 10 percent rental increase every five years with multiple renewal options.
Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.