The Good Egg Restaurant at 4775 E Grant Rd in Tucson sold in a sale leaseback agreement for $1.45 million ($298 PSF) in an all-cash deal. The Good Egg will remain a tenant in the 4,867-square-foot building with a new 10-year lease signed and four 5-year options. The property was built in 1989 and sits on 10,962-square-foot pad in the Crossroads Festival at Grant and Swan.
The seller, First Watch Restaurants, Inc. of Brandenton, Florida acquired the Arizona-based restaurant company The Good Egg; including the brand, concept, all intellectual property and all 20 restaurants back in March. Terms of the deal were not disclosed.
According to public records, the 4,867-square-foot building at 4775 E Grant Road was sold to First Watch for $1.4 million ($288 PSF). This was the only property that sold with real estate in the company acquisition for Tucson.
To read the full story on the First Watch acquisition click here: https://realestatedaily-news.com/first-watch-buys-arizonas-good-egg/
Chuck Klein of Cassidy Turley San Diego and Chris Hollenbeck of Cassidy Turley Phoenix represented the seller in the transaction. While Don Grant, SIOR, CCIM with Cassidy Turley Carlsbad, CA represented the buyer, The Patricia B Harrison Trust, also of California.
To learn more Klein can be reached at (858) 546-5400, Hollenbeck is at (602) 224-4475 and Grant can be contacted at (760) 431-4218.
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[mepr-show rules="58038"]Sale date: 6/12/2014. APN: 110-1-366, the pad is a ground lease. Property sold with an NOI of $85,000 and a 5.86% cap rate based on income at time of sale. See marketing brochure for rent escalations.[/mepr-show]