Phoenix, Ariz. – CBRE has completed the sale of a free-standing Pizza Hut ground lease located at the southeast corner of Main Street and Dobson Road in Mesa, Arizona. The asset commanded a sale price of $608,000.
Andrew Fosberg and Molly Busch with CBRE’s Phoenix office represented the seller, Mesa Partners, LLC of Portland, Ore. The buyer, Riverside, Calif.-based Grand Corona One, LLC, was represented by Alan Fruitman with Real Estate Foundation, Inc. and purchased the property as part of a 1031 exchange.
Built in 1991, the ±1,285-square-foot retail property sits on a ±0.231-acre parcel. The property’s original ground lease began in 1991 and the tenant, a Pizza Hut franchisee, has subsequently exercised each of their options to renew since that time, including a recent long-term extension. The Pizza Hut is an outparcel to Main Street Marketplace, an approximate ±100,000-square-foot neighborhood center in Mesa.
To learn more Fosberg and Busch can be reached at 602.735.5555.