CBRE has completed the sale of a single-tenant, 3,200-square-foot Freddy’s Frozen Custard and Steakburgers located at 1405 North Arizona Avenue in Gilbert, Arizona. The property commanded a sale price of $2.9 million.
Joseph R. Compagno and Ryan Eustice with CBRE’s Phoenix office represented the seller, Arizona-based, Barclay Holdings LXIII, LLC; an affiliate of Arizona-based Barclay Group. Ignacio Diaz, Jr. from Investment Capital Real Estate represented the buyer, California-based Price-McPherson Trust.
“The Buyer was sourced from our large proprietary database of high-net worth investors,” said CBRE’s Compagno. “The buyer was in a 1031 exchange from the sale of a large apartment building in Los Angeles. They paid all cash and closed the escrow in 45 days.”
Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. Freddy’s has over 250 restaurants operating nationwide.