Cushman & Wakefield announced today that the land occupied by Donovan’s Steak & Chop House, located at 3101 E. Camelback Road in Phoenix, has been sold for $6.5 million.
Cushman & Wakefield Executive Vice President Chris Hollenbeck represented the seller, Prime Land Assets, LLC of Phoenix. Michael Hackett, Executive Managing Director at Cushman & Wakefield, represented the buyer Menin Development of Palm Beach, Florida.
As one of the top steakhouses in the Phoenix area, Donovan’s sits on 1.5 acres in the prestigious Camelback Corridor. The Camelback Corridor area is one of the most desirable business and residential locations in not only Metro Phoenix but the entire Southwest.
“There is a very limited supply of retail and restaurant space in the area, keeping demand exceptionally high and rental rates at a premium,” says Hollenbeck. “Among the limited retail in the area is the exceptional and hugely successful Biltmore Fashion Park, with a number of high-end retailers and restaurants.”
The property was 100% leased at the time of sale by a single-tenant. The buyer plans a long term investment with no foreseeable changes and Donovan’s will continue to lease the property.