PHOENIX, Arizona – CBRE has completed the sale of a single-tenant, newly constructed Native Grill & Wings located in the Prescott Valley Crossroads shopping center at 5533 East State Route 69 in Prescott Valley, Ariz. The 4,460-square-foot location sold for $2.8 million ($628 PSF) with a new 15-year, absolute triple net lease.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Arizona-based Prescott Valley Native, LLC. Joseph Lising of Marcus & Millichap represented the buyer, California-based Kyusang Lee & Vivian Lee Revocable Trust.
“We sourced a 1031 exchange buyer from southern California that placed new financing on the property,” said CBRE’s Compagno. “My team has been very successful in structuring sale/leasebacks for regional and national corporations.”
Native Grill & Wings is famous for their 20 award-winning wing flavors and has been named on Restaurant Business Magazine’s Future 50. Th Prescott Valley location opened in October 2017.