CBRE has completed the sale of a single-tenant, newly constructed Starbucks store located in the Village Grove Shopping Center at 1939 N. Gilbert Rd in Mesa, Ariz. The 2,000-square-foot location sold for $2.2 million or $1,099 per square-foot.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Oregon-based CVP – Village Grove Starbucks, LLC. Martin Chiechi of Newmark Cornish & Carey, and Nigel Keep of Kidder Mathews represented the buyer, California-based Tunitas Beach Land Company. The property was taken to the market as a pre-sale with the escrow closing on Sept. 28, when Starbucks opened for business.
“We’ve experienced robust activity with several Starbucks locations we’ve brought to market this year,” said CBRE’s Compagno. “We sold this Starbucks at list price to a California investor completing a 1031 exchange.”
Starbucks holds a long-term, 10-year triple net (NNN) corporate lease on the building.