Two Kneaders Bakeries at 3550 N Craycroft Road in Tucson and 9660 N Oracle Road in Oro Valley recently sold to California investors shortly after completion. Both were built in 2016 and just recently opened, leased to Kneaders Bakery they sold in triple net investment sales.

The Kneaders at 3550 N Craycroft is located at the southeast corner of River Road and Craycroft adjacent to a new freestanding Natural Grocers (opening in Q3 2016) and the Whole Foods/Petco/Walgreens anchored in River Center. The 4,055-square-foot building commanded a sale price of $2.9 million ($715 PSF) and sold to Beach City Tucson Bakery LLC of Newport Coast, CA

Kneaders at 9660 N Oracle Road in Oro Valley is located at the northeast corner of Oracle Road and Linda Vista Boulevard in the affluent Oro Valley submarket of Tucson, Arizona. The “AAA Four Diamond” Hilton El Conquistador Golf & Tennis Resort is located one block northeast of Kneaders and consists of 428 guest rooms, 45-holes of golf, 31 lighted tennis courts, five restaurants, four swimming pools, and 65,000-square-feet of flexible meeting and banquet space.

The 4,055-square-foot building commanded a sale price of $2.925 million ($721 PSF) and sold to Markham Oro Valley, LLC and RCG Oro Valley LLC of Sabastopol, CA.

Kneaders Bakery & Café’s master franchisee, Four Foods Group of American Fork, Utah was the developer and seller of both properties.

Joseph Compagno and Andrew Fosberg of CBRE in Phoenix and Nancy McClure of CBRE in Tucson brokered both deals.

For additional information, Compagno can be reached at 602.735.1733, Fosberg can be contacted at 602.735.1723 and McClure should be reached at 520.323.5117.

To learn more, see RED Comps #4215 and #4216.

Phoenix, Ariz. – CBRE has completed the sale of two single-tenant net leased investment properties in Tempe, Ariz. The transaction included a free-standing, single-tenant Target and US Bank at the northeast corner of McClintock Drive and Baseline Road. The properties are located on a 10.02-acre corner parcel and commanded a sale price of $11.9 million representing a 5.35% cap rate.

Joseph Compagno with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was Tempe, Ariz.-based Hudson Retail Center, LLC. The buyer was Rosebud Tempe One, LLC of Palm Beach, Fla.

“Our net lease investment team continues to see a significant demand from investors for this type of real estate. These investors are looking for less management intensive properties, best-in-credit tenancy and stable cash flow,” said Compagno. “This was a highly sought after investment. It’s an incredibly rare piece of real estate to acquire, because Target owns the majority of their real estate. We generated fifteen offers through our aggressive marketing campaign and the property sold at list price.”

Geoffrey Harris, also with CBRE’s Phoenix office, arranged acquisition financing for the purchase. The three and a half year bank loan totaled $7.8 million with an interest rate of 2.91% and 25 year amortization.

The investment consists of triple net leases with Target Corporation and US Bank. Target has occupied their building since 1988, their building was constructed in 1974. The property is strategically located in a densely populated area that is home to approximately 157,465 residents in three miles and 353,705 residents within a five mile radius. The area also boasts a large employment center with approximately 160,000 jobs within three miles and 515,083 jobs within a five mile radius. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges, among others.

To learn more Compagno can be reached at 602.735.1733 and Harris should be contacted at 602.735.5615.

Phoenix, Ariz. – CBRE has completed the sale of a single-tenant, Starbucks located at 1741 E. Warner Road in Tempe, Ariz. The 2,720-square-foot retail property is situated on approximately 32,452-square-feet of land and commanded a sale price of $2.5 million.

Joseph Compagno with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was Scottsdale, Ariz.-based Garrett Development Corporation. The buyer was AJ Gardner Family Trust and the Childs Family Investment Partnership of Los Angeles, Calif.

Starbucks opened for business at this location in September of 2014 and benefits from a highly-sought after infill location in Tempe. The property is situated on a pad to the newly remodeled Bashas’ anchored Cobblestone Village shopping center. The Starbucks is also adjacent to a Wells Fargo bank pad.

To learn more Compagno should be reached at 602.735.1733.