CBRE Completes Portfolio Sale of Chick-fil-A and Wendy’s Ground Leases in Phoenix
PHOENIX – January 22, 2019 – CBRE has completed the $5.88 million sale of a portfolio comprised of two single-tenant retail properties located at the southwest corner of 24th Street and E. Baseline Road in Phoenix. The first is a new Chick-fil-A ground lease, which is set to open on January 24th and the second is a Wendy’s ground lease. The properties sit on 2.63-acres.
Joseph R. Compagno and R. Max Bippus with CBRE’s Phoenix office represented the buyer, Aspen, Colo-based Rossmore Enterprises, and seller, Next Gen Development, LLC, an entity controlled by Phoenix-based Helix Properties, LLC.
“The Chick-fil-A is a rare deal and lease to trade in our Phoenix market,” said CBRE’s Compagno. “Chick-fil-A owns the majority of its real estate and their credit is one of the most sought-after investments from passive high net-worth investors. The Chick-fil-A sold at a 3.9 percent cap rate and the Wendy’s sold at a 4.5 percent cap rate. I have a long-standing relationship with the buyer, a high net-worth investor based in Colorado. The buyer was in a large 1031 exchange and paid cash for this investment.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.