PHOENIX, Arizona – CBRE has completed the $5.88 million sale of a portfolio comprised of two single-tenant retail properties located at the southwest corner of 24th Street and E. Baseline Road in Phoenix. The first is a new Chick-fil-A ground lease, which is set to open on January 24th and the second is a Wendy’s ground lease. The properties sit on 2.63-acres.
Joseph R. Compagno and R. Max Bippus with CBRE’s Phoenix office represented the buyer, Aspen, Colo-based Rossmore Enterprises, and seller, Next Gen Development, LLC, an entity controlled by Phoenix-based Helix Properties, LLC.
“The Chick-fil-A is a rare deal and lease to trade in our Phoenix market,” said CBRE’s Compagno. “Chick-fil-A owns the majority of its real estate and their credit is one of the most sought-after investments from passive high net-worth investors. The Chick-fil-A sold at a 3.9 percent cap rate and the Wendy’s sold at a 4.5 percent cap rate. I have a long-standing relationship with the buyer, a high net-worth investor based in Colorado. The buyer was in a large 1031 exchange and paid cash for this investment.”