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MESA, AZ-Single-tenant properties with long-term leases have become one of the hottest commodities in the Phoenix real estate market.

“The lease, the location and the demand for single tenant properties in Arizona is just off the charts,” Jamie Medress, with Marcus & Millichap, tells GlobeSt.com. Medress, who sold three single-tenant properties within the last month, says buyers are looking for properties that not only afford them the security a long-term lease provides, but also gives them a prime location that can easily be re-leased should a tenant close up shop.

“The amount of buyers we are finding for these properties are far outnumbering the properties,” Medress says. “Single-tenant pad retail is definitely going to be one of the hottest product types.”

Medress should know. He recently sold three single-tenant properties within the last month that drew a number of competing bids during their short times on the market.

One of Medress’ fastest sales occurred when a 1,596-sf building with 15 years remaining on the lease was put on the market. Within three days, seven bidders had made offers on the property, including one for the full asking price from Liliana Pilati, from Woodland Hills CA, who put up $915,000 for 828 W. Baseline Rd., leased to Jiffy Lube. The seller is North Coast Investors from Eureka, CA.

Medress and Steve Gonzalez, also with Marcus & Millichap, represented the seller in that transaction. Brad Conroy with Marcus & Millichap in Encino, CA represented the buyer.

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