S
ecures $1.7 million for East Valley single-tenant building
PHOENIX, Arizona – On behalf of SimonCRE, the Phoenix office of JLL has completed the sale of a stand-alone retail/restaurant building in Mesa, Arizona that is fully occupied by Black Rock Coffee Bar. The transaction represents the first sale of a Black Rock-occupied building since the coffee franchise entered the Phoenix market in 2016. Black Rock Coffee remains the building’s primary tenant.
JLL Senior Vice Presidents Peter Bauman, Tivon Moffitt and Tyson Switzenberg, and Senior Managing Director Dennis Desmond represented the building developer and owner, SimonCRE, and the property buyer, The Emas Family Trust, in the $1.7 million transaction.
“SimonCRE develops phenomenal product and this building – which is the first single-tenant, build-to-suit Black Rock Coffee location constructed in Arizona – was no exception,” said Bauman. “The listing received an extreme amount of interest from the private capital market before it was sold in a 1031 exchange. Its new owner has a strong history in net lease Arizona properties and understands the value of this asset.”
“Having a great tenant like Black Rock Coffee and a location within such a strong trade area made this a tremendous investment opportunity,” said Joshua Simon, CEO and Founder of SimonCRE. “We were thrilled to be a part of this project and be a part of Black Rock Coffee’s expansion in Arizona.”
The free-standing Black Rock Coffee building is a custom build-to-suit space featuring indoor and outdoor seating and a drive through. Scottsdale-based SimonCRE completed the project in February of this year. Black Rock Coffee took occupancy in March.
A full-service commercial real estate developer, SimonCRE specializes in ground-up development, build-to-suits and redevelopment projects across the United States. Its Mesa Black Rock Coffee building is located at 1440 S. Higley Rd., within a Lowe’s-anchored retail center and situated immediately south of the US 60 in Mesa, Arizona. The site offers a hard, signalized corner with monument signage, high traffic counts and strong demographics.
“Phoenix represents a major growth market for Black Rock,” said Switzenberg, who since 2016 has completed multiple Phoenix-area leases for the Black Rock Coffee concept. “Our communities have responded well to each new location, and that has Black Rock on a steady search for more Valley site opportunities.”
Based in Portland, Oregon, Black Rock Coffee Bar operates more than 53 company-owned and franchise stores in Arizona, California, Idaho, Oregon and Washington, and coming soon to Colorado. Each Black Rock Coffee Bar serves single origin coffee roasted in small batches and medium to dark blends, as well as local pastries, smoothies, drinks for kids, juices and blended coffee drinks.