Phoenix, Arizona – CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café, located at 1150 E. Bell Road within the brand new Trellis on Bell mixed-use development in Phoenix. Four Foods Group (FFG Development, LLC) bought the land and completed construction on the ±4,050-square-foot retail property. The property commanded a sale price of $3 million ($741 PSF). Kneaders Bakery and Café opened for business at this location on March 17, 2017.

Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, American Fork, Utah based developer: FFG Development, LLC. Barry Gabel and Chris Marchildon also with CBRE’s Phoenix office represented the buyer, Arizona-based DDSR-2 LLC.

“The Kneaders concept is a brand that has gained tremendous popularity among high net-worth investors throughout the country,” said Compagno. “In the past 18 months, our team has sold 10 Kneaders with 15-year sale leasebacks on behalf of Four Foods Group, all of which were pre-sales for the seller. We took each of these properties to the market 90 to 120 days in advance of the buildings being finished, and successfully closed escrow at building completion. All buyers were sourced through our CBRE and proprietary global investor databases.”

Phoenix, AZ  – Kneaders Bakery & Café located in the affluent Arcadia neighborhood of Phoenix at 4126 East Indian School Road.  Four Foods Group (FFG Development, LLC) bought the land and just completed construction on the 4,055-square-foot retail property.

The property sold at a price of $3,333,000 ($822 per square foot) and a 4.5 percent cap rate. This was a 15-year, absolute triple net lease sale-leaseback.

Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented FFG Development.

“We sourced a local Scottsdale based 1031 exchange investor from our large database immediately upon taking the property to the market,” said Compagno. “The 4.5 percent cap rate represents a record low cap rate for our seller, Four Foods Group. The buyer paid all cash and closed the escrow in 16 days. We were able to structure a pre-sale where the buyer closed the day Kneaders opened for business.”

John Toben of NAI Horizon represented the buyer, Laree E. Perez Trust.

“The highly-desired Arcadia neighborhood is now home to a healthy option on the go,” Toben said. “Kneaders Bakery and Café offers the first healthy, fast-casual drive-through in the rapidly growing Arcadia retail corridor. It will be a welcomed addition for those who live or work in the Arcadia/Biltmore area.”

Kneaders Bakery and Café opened for business at this location on July 21^st, 2016 featuring the only healthy, fast-casual drive-thru in the Arcadia neighborhood.

Kneader’s Bakery & Café and Raising Cane’s will be bringing two new fast casual concepts restaurants to Tucson at the southeast corner of Wilmot Road and Broadway Blvd. CVS built a new store on the hard corner in 2013 and sold 2.3 acres of excess land surrounding the CVS Pharmacy.

An affiliate of the Eisenberg Company in Phoenix (Jason Eisenberg, CCIM) purchased the 2.3 acres surrounding this corner for $1.725 million ($17 PSF) from CVS to split.

Raising Cane’s is a fast-casual restaurant specialized in chicken fingers. Founded in Baton Rouge, Louisiana in 2007 by Todd Graves, today there are more than 150 locations across 15 states, and 7 in metro Phoenix. The restaurant is named after Grave’s yellow Labrador, Raising Cane.

Expected to open Summer 2015, Eisenberg is developing the 4,000-square-foot Raising Cane’s on 51,162-square-feet of land facing Broadway. The remaining 49,063-square-feet of land was sold to Kneader’s developer, FFG Development of American Fork, UT for $900,000 ($18 PSF).

Kneader’s Bakery & Café will be a 3,700-square-foot built-to-suit facing Wilmot.

Kneader’s is all about breads. The concept is a European-style bakery where things are still made by hand, from simple, healthy ingredients the way it’s been done for a thousand years.

The first Kneaders opened in 1997 in Orem, UT specialized in authentic European hearth breads made fresh daily. Kneaders also offers a variety of soups, salads, sandwiches and 40-50 different pastries. Kneader’s fast-casual concept is to provide “fresh food fast”.

Kneader’s has been expanding rapidly, with 30 locations and 7 in Phoenix. The Tucson Kneader’s is also expected to open Summer 2015

Torrey Briegel and Regan Amato of Phoenix Commercial Advisors in Phoenix represented Eisenberg in both transactions.

To learn more Briegel can be reached at 602.734.7219 while Amato is at 602.288.3474.