PHOENIX, Arizona – CBRE has completed the $1.78 million sale of a new single-tenant property leased to Dutch Bros Coffee, located at 602 South Beeline Highway in Payson, Ariz. The 824-square-foot building, which was developed by SimonCRE as a build-to-suit for Dutch Bros, is the first Dutch Bros in Payson and benefits from the year-round tourism in the area.
Joseph R. Compagno and Benjamin Farthing with CBRE’s Phoenix office represented both the seller, Arizona-based developer, SimonCRE, and the buyer, Calif.-based Forman Family Trust.
"This project and sale really show the strength of Dutch Bros in the consumer market as well as the investment market,” said Joshua Simon, Founder and Chief Executive Officer, SimonCRE. “We knew this would be an attractive property with a significant potential for success in this area. We’re excited to have been a part of it."
“We sourced a Northern California 1031 exchange buyer who was specifically looking for a new Dutch Bros Coffee investment,” said CBRE’s Farthing. “The buyer was attracted to the long-term, 15-year corporate lease and the company’s growth. We anticipate increased buyer demand for Dutch Bros moving forward.”
Dutch Bros Coffee was founded in Oregon in 1992 and has over 300 locations in seven States with plans to grow to 800 stores in the next five years.