CBRE has completed the sale-leaseback of a property occupied by the popular, locally-owned, Spinato’s Pizzeria located at 4848 E. Chandler Blvd. in Phoenix’s Ahwatukee submarket. The property is located at 48th Street and Chandler Blvd. and sold for $3.05 million with a new 15-year, absolute triple-net lease.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Arizona-based, KENA, LLC. Chris Hollenbeck of Cushman & Wakefield represented the buyer, Colorado-based JD1, LLC.
“Our team structured a 15-year sale and leaseback on the behalf of the Spinato’s family, “said CBRE’s Compagno. “We sourced a high-net-worth, all cash 1031 exchange buyer from Colorado and closed the escrow in 22 days.”
Founded in 1971, Spinato’s Pizzeria is a successful, family owned Chicago-style pizzeria with five locations throughout metro Phoenix. The Ahwatukee location has a full bar, main dining room and private dining room. The restaurant was designed to resemble the owner’s favorite restaurants in Italy.
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.