Phoenix, AZ – CBRE has completed the sale of a single-tenant, corporate McDonald’s ground lease located at 1948 East McKellips Road in Mesa, Arizona. The property commanded a sale price of $1.83 million.
Joe Compagno with CBRE’s Phoenix office negotiated the transaction. The seller was Phoenix-based Orsett Properties. The buyer was 3568 Veteran, LLC in Newport Beach, CA.
“There was a lot of investor interest in the property throughout the marketing process. The property sold at a 4% cap rate and we generated 7 offers for ownership,” said Compagno. “The California buyer was running out of time on their 1031 exchange and closed the escrow in 19 days all cash.”
The property was located in the Orange Tree Basha’s-anchored shopping center. The building will be approximately 4,500 rentable-square-feet on approximately 40,000-square-feet of land. This was an initial 20-year, absolute triple net lease with about 19.5 years remaining at closing. The property was located in an excellent north Mesa location with strong demographics.