Phoenix, Arizona – CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café, located at 1150 E. Bell Road within the brand new Trellis on Bell mixed-use development in Phoenix. Four Foods Group (FFG Development, LLC) bought the land and completed construction on the ±4,050-square-foot retail property. The property commanded a sale price of $3 million ($741 PSF). Kneaders Bakery and Café opened for business at this location on March 17, 2017.
Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, American Fork, Utah based developer: FFG Development, LLC. Barry Gabel and Chris Marchildon also with CBRE’s Phoenix office represented the buyer, Arizona-based DDSR-2 LLC.
“The Kneaders concept is a brand that has gained tremendous popularity among high net-worth investors throughout the country,” said Compagno. “In the past 18 months, our team has sold 10 Kneaders with 15-year sale leasebacks on behalf of Four Foods Group, all of which were pre-sales for the seller. We took each of these properties to the market 90 to 120 days in advance of the buildings being finished, and successfully closed escrow at building completion. All buyers were sourced through our CBRE and proprietary global investor databases.”