CBRE has completed the sale of a single-tenant, 1,965-square-foot Starbucks located at 1688 East Route 66 in Flagstaff, Ariz.
The property commanded a sale price of $2.73 million or $1,295 per square foot.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Colorado-based Ponderosa FAZ, LLC. Wade Six of VI Commercial Real Estate represented the buyer, Oregon-based 249 A Street, LLC.
“This year, we’ve had tremendous success in bringing to market many Starbucks locations across Arizona and the country,” said CBRE’s Compagno. “For this location in Flagstaff, we sourced an Oregon-based investor that completed an all cash 1031 exchange before their identification period expired.”
The new Starbucks boasts a sought after, high traffic location just north of the I-40 freeway and is minutes away from Northern Arizona University, downtown Flagstaff and the Flagstaff Mall.