CBRE Group, Inc., has completed the sale of a new Red Robin ground-lease located at 10214 North Metro Parkway in a dense infill area of Phoenix.
The 5,800-square-foot retail property is home to Red Robin’s new prototype restaurant and is situated on approximately 32,255 square feet of land. The restaurant commanded a sale price of $2.37 million, which equates to a marketing leading 4.64% cap rate.
“The combination of a long-term lease with Red Robin, coupled with its location within Metro Towne Center, a thriving shopping center anchored by Ross, dd’s Discounts, Petsmart and Big 5 Sporting Goods, created significant investor interest and resulted in the market setting cap rate,” said CBRE’s Fosberg. “
Jeff Demorest of Coldwell Banker represented the buyer, Strasbaugh Development Corporation.