Phoenix, Ariz. – CBRE has completed the sale of a brand new single-tenant Wendy’s ground lease, which is a pad to the new Fry’s Marketplace at Old West Marketplace in Apache Junction, Ariz. The property is located at the northeast corner of East Old West Highway and South Idaho Road, and sold for $1.78 million ($680 per square foot) with a new 20-year, absolute triple net lease.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Barclay Holdings LXVII, LLC; an affiliate of Arizona-based Barclay Group. Priscilla Kim of GMC Realty Advisors represented the buyer, California-based C & S Lee Properties, LLC.
“There is continued high demand for brand new, single-tenant investment properties, “said CBRE’s Compagno. “For this particular transaction, we had multiple all cash, list price 4.5% cap rate offers from California buyers. This demonstrates our ability to source quality buyers and obtain record low cap rates.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.