Gilbert, Arizona – CBRE has completed the sale of a single-tenant, 3,200-square-foot Freddy’s Frozen Custard and Steakburgers located at 1405 North Arizona Avenue in Gilbert, Arizona. The property commanded a sale price of $2.9 million.

Joseph R. Compagno and Ryan Eustice with CBRE’s Phoenix office represented the seller, Arizona-based, Barclay Holdings LXIII, LLC; an affiliate of Arizona-based Barclay Group. Ignacio Diaz, Jr. from Investment Capital Real Estate represented the buyer, California-based Price-McPherson Trust.

“The Buyer was sourced from our large proprietary database of high-net worth investors,” said CBRE’s Compagno. “The buyer was in a 1031 exchange from the sale of a large apartment building in Los Angeles. They paid all cash and closed the escrow in 45 days.”

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 250 restaurants operating nationwide.

PHOENIX, Arizona – CBRE has completed the sale of a new Pei Wei ground-lease located at 10450 North 28th Dr. in a dense infill area of Phoenix.

The 3,100-square-foot retail property is home to Pei Wei’s new prototype restaurant, which opened in December 2015. The restaurant commanded a sale price of $2.8 million or $903 per-square-foot, which equates to a market leading 4.76% cap rate.

Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, SWC 28th And Peoria Investors, LLC, an affiliate of Arizona-based A & C Properties, Inc (Joseph Cattaneo, principal).

“The combination of a long-term lease with Arizona-based Pei Wei Asian Diner, coupled with its location adjacent to Metro Towne Center, a thriving shopping center anchored by Ross, dd’s Discounts, Petsmart and Big 5 Sporting Goods, created significant investor interest and resulted in the market setting cap rate,” said CBRE’s Fosberg.

Ignacio Diaz Jr. of Investment Capital Real Estate represented the buyer, The Price-McPherson Trust.

Phoenix, Arizona – CBRE has completed the sale of a single-tenant, 5,239-square-foot QuikTrip located at 1190 West Elliot Road in Tempe, Arizona. The 1.43-acre property commanded a sale price of $4.25 million ($811 PSF).

Joseph R. Compagno with CBRE’s Phoenix office represented the buyer, Arizona-based, Lumberjack Capital, LLC. Tatyana Meulemans from Newmark Grubb Knight Frank represented the seller, Arizona-based TRZ Holdings-Tempe, LLC.

“The QuikTrip is a very well-located property in Tempe and is a pad to the Walmart Supercenter anchored Groves Power Center.  The buyer was a local, high-net-worth investor specifically looking for a gas station investment property,” said Compagno. “This will be a great long-term investment.”