PHOENIX – October 13, 2023 – CBRE negotiated the $6.1 million sale of a new downtown Phoenix Chick-fil-A ground lease at 819 North 7th Avenue in Phoenix.
"This Chick-fil-A represented a rare core Downtown Phoenix investment opportunity, said Joseph Compagno, senior vice president at CBRE. "I sourced a high net worth all cash 1031 exchange buyer in an extensive exchange off the sale of land in California. We are achieving low cap rates with exchange buyers, even in this higher interest rate environment."
Mr. Compagno and Benjamin Farthing of CBRE's Phoenix office represented the seller, local developers, Mark Davis of 48 Development, and Benjamin and Allan Gutkin of Jag Development Phoenix.
"This is a unique property near the Phoenix skyline," added Mr. Compagno. The parcel is larger than average at 1.45 acres, features a long two-lane drive-thru, and a big format building of 5,388 sq. ft. with 58 parking spaces, allowing Chick-fil-A to perform at the highest volume."
Chick-fil-A is the third-largest fast-food chain in the U.S. and opened on October 5th at the southeast corner of 7th Avenue and Roosevelt Street in downtown Phoenix.