In an all-cash transaction, Johnstown Gateway LLC paid nearly $1.3 million for the 840 E. Broadway property to take the deed from developer Broadway Euclid LLC of Tucson, which built the freestanding Del Taco building about a year ago.
"We had multiple offers within one week. There was a lot of demand for this property," Jamie Medress of Marcus & Millichap tells GlobeSt.com. "Single-tenant properties are in high demand and anything that hits the market sells pretty quickly."
Medress said Johnstown Gateway LLC, the developer and owner of a large portfolio of Arizona properties, found the building's location and its long-term lease appealing. Del Taco has a 19-year lease on the property. In addition to Medress, Steven Gonzalez, and Raymond Fontaine, also of Marcus & Millichap, negotiated the sale.
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