Marana, Arizona – CBRE has completed the sale of a single-tenant, 3,243-square-foot Freddy’s Frozen Custard and Steakburgers located in Marana Marketplace at 3725 West Orange Grove Road in Marana, Arizona. The Property commanded a sale price of $2.378 million ($733 PSF)
Joseph R. Compagno with CBRE’s Phoenix office represented the Seller, Arizona-based BLT Marana Properties, LLC. Steven Fontes, CCIM, with Mission Property Advisors represented the buyer, California-based Hyrosen Properties Inc. c/o Inland Pacific Advisors.
“We are seeing an increased flight of buyers and 1031 exchange investors coming from California to invest in Arizona. This is due to a variety of reasons, including improved investment returns, lower taxes, political reasons and portfolio diversification,” said CBRE’s Compagno.
Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. Freddy’s has over 300 restaurants operating nationwide, with plans to open more than 40 new restaurants nationwide in 2018.
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[mepr-show rules="58038"]Property sold at a 5.55% cap rate. Buyer was in a 1031 exchange[/mepr-show]