Cushman & Wakefield sells Glendale and Tucson fast food restaurants
PHOENIX & TUCSON, Arizona – Cushman & Wakefield completed the sale of two Carl’s Jr.’s for a total of $3.4 million. The properties located at 1880 E. Broadway Boulevard in Tucson, Ariz. and 5775 W. Northern Avenue in Glendale, Ariz. were controlled by Strata Equity Corporation, Inc. and purchased by Phoenix-based Starcorp, LLC.
Chris Hollenbeck and Brad Douglass of Cushman & Wakefield represented San Diego-based Strata Equity Corporation, Inc. as the seller of the properties.
The two single-tenant fast food chain restaurants totaling 6,829-square-feet were 100% occupied at the time of sale by Carl’s Jr. 1880 E. Broadway Boulevard sold for $1.7 million and totals 2,600-square-feet. 5775 W. Northern Ave. also sold for $1.7 million and is 4,229-square-feet. Both were all cash deals.
The franchisee, Starcorp, plans to continue operating both of the locations as Carl’s Jr.
"Starcorp has been a well-known Carl's Jr. and Hardee's franchisee here in Arizona and we are glad they were able to purchase these properties to continue to operate the locations under the Carl's Jr. name," stated Hollenbeck.
For more information, Hollenbeck can be reached at 602.224.4475 and Douglass should be reached at 602.224.4406.
To learn more, see RED Comp #6744.
[mepr-show rules="58038"]In a subsequent document, StarCorp sold the Carl's Jr at 1880 E Broadway in Tucson in a sale leaseback agreement to investors for $1.775 million and a 6.5% cap rate.[/mepr-show]