Phoenix, Arizona – CBRE announced the sale of six single-tenant properties located throughout Arizona, Missouri, Kansas and Texas leased to Freddy’s Frozen Custard and Steakburgers, a fast-casual restaurant franchise with over 300 locations across the U.S.
Joe Compagno of CBRE in Phoenix represented Barclay Daisy Mountain, LLC in the $2.8 million sale of a 3,232-square-foot single-tenant retail property leased to Freddy’s at 39520 N. Daisy Mountain Drive in Anthem, Ariz. Studio City, Calif.-based Karraa N Daisy Mountain Drive Anthem purchased property, which is located in Anthem Crossroads, a shopping center anchored by Fry’s Food & Drug.
Additionally, Compagno represented Salinas, Kansas-based JRI Management in the sale of the following five properties.
The first, a 2,971-square-foot property located at 1340 N. Litchfield Road in Goodyear, Ariz. sold to Li Family Trust of Santa Rosa, Calif. for $3 million. The property benefits from proximity to Abrazo West Campus, Estrella Mountain Community College and several national retailers such as Target, Best Buy and Total Wine. The property sold at list price and the buyer paid all cash.
The second Arizona-located property is located across from Northern Arizona University at 2675 S. Beulah Blvd. in Flagstaff, Ariz. Karraa S. Beulah Blvd Flagstaff, LLC of Studio City, Calif. acquired the 3,091-square-foot property for $2.55 million. The buyer was in a 1031 exchange and obtained new financing.
The third property is a 3,532-square-foot property leased to Freddy’s at 3040 Justin Road in Highland Village, Texas sold to JDN Properties, LLC of Calif. for $2.2 million. The property is located in The Marketplace at Highland Village and surrounded by several national retailers. The property sold at list price and the buyer paid all cash.
The fourth property is located at 3118 South Range Line Road in Joplin, Missouri. The 3,036-square-foot property leased to Freddy’s sold to Unity Enterprises, LLC of Fairfield, Calif. for the list price of $3 million, all cash.
The fifth property is located at 1314 South Broadway Street in Pittsburg, Kansas. The 2,970-square-foot property leased to Freddy’s sold to 52nd Street, a Joint Venture, of Rancho Santa Fe, Calif. for $2.35 million. The property benefits from a great location just around the corner from Pittsburg State University. The buyer paid all cash and closed in two weeks.
“Investors that have seen significant equity gains in the properties that they purchased in California since the recession are reinvesting their profits into other high-growth markets like Arizona, Missouri, Kansas and Texas in search of higher cap rate returns,” said CBRE’s Compagno. “Arizona, in particular, benefits from this flight of capital due to its proximity to California.”