Phoenix, Arizona – In two separate transactions, CBRE has completed the sale of Tilted Kilt’s build-to-suit flagship restaurant and corporate headquarters located at 1617 W. Warner Road and 8915 S. Harl Ave. in Tempe, Ariz., respectively.
The ±10,321-square-foot retail property is home to Tilted Kilt’s new flagship restaurant and is situated on approximately 2.6 acres of land. The restaurant commanded a sale price of $5.6 million or $542 per square foot.
Separately, Tilted Kilt’s new ±10,000-square-foot corporate headquarters, situated directly adjacent to the restaurant, sold for $2.95 million or $295 per square foot.
Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, WCCP Harl Warner, LLC and WCCP Harl Warner Office, LLC, entities formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles.
“The seller recently completed the two build-to-suit projects for Tilted Kilt, which relocated to its new corporate headquarters at the end of 2016,” said CBRE’s Fosberg. “The new restaurant will be used as both a restaurant and training facility for Tempe-based Tilted Kilt.”
Bob Broyles of Colliers International represented the office buyer, West End Hotel, LLC, and Brian Ahrens of Horvath and Trembley represented the restaurant buyer, Harris Steele Family, LLP.
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[mepr-show rules="58038"] Property at Warner Road sold at a 6.63% cap rate. Property on Harl Ave sold at a 6.64% cap rate. Developed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles. Both Properties are fully leased to Tilted Kilt Restaurant on 15 year absolute triple net leases. Brand new ground-up construction. Significant rental increases throughout the duration of the term and option periods. Strong trade area with average annual household incomes in excess of $89,000 within a 3-mile radius. Two separate 1031 exchange buyers. [/mepr-show]