CBRE Completes Sale of Fast Eddie’s Diner in Phoenix
Phoenix, Arizona – CBRE Group, Inc., has completed the sale of Fast Eddie’s Diner located at 10717 North 33rd Avenue, just west of the I-17 along Bell Road in a dense infill area of Phoenix.
The 5,034-square-foot retail property is home to Fast Eddie’s Diner on approximately 35,022-square-feet of land. The restaurant commanded a sale price of $1.29 million or $256 per square foot with approximately 2.50 years remaining on its original 10-year NNN lease.
Andrew K. Fosberg, R. Max Bippus and Dylan A. Brown with CBRE’s Phoenix office represented the seller, Phoenix-based FIE Enterprises, LLC.
“The restaurant’s prominent hard corner location along Bell Road drew significant investor interest,” said CBRE’s Fosberg. “Our team sourced a full price offer within 2 weeks of marketing the Property.”
Calvin Y. Lee of Marcus & Millichap represented the buyer, Moon Gang.