CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café located in the affluent Arcadia neighborhood of Phoenix at 4126 East Indian School Road.
Four Foods Group (FFG Development, LLC) bought the land and just completed construction on the 4,055-square-foot retail property.
Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office sold the property at a price of $3,333,000 ($822 per square foot) and a 4.5 percent cap rate. This was a 15-year, absolute triple net lease sale-leaseback.
“We sourced a local Scottsdale based 1031 exchange investor from our large database immediately upon taking the property to the market,” said Compagno. “The 4.5 percent cap rate represents a record low cap rate for our seller, Four Foods Group. The buyer paid all cash and closed the escrow in 16 days. We were able to structure a pre-sale where the buyer closed the day Kneaders opened for business.”
John Toben of NAI Horizon represented the buyer, Laree E. Perez Trust.
Kneaders Bakery and Café opened for business at this location on July 21st, 2016 featuring the only healthy, fast-casual drive-thru in the Arcadia neighborhood.