CBRE has completed the sale of a single-tenant, newly constructed Native Grill & Wings located in the Prescott Valley Crossroads shopping center at 5533 East State Route 69 in Prescott Valley, Ariz. The 4,460-square-foot location sold for $2.8 million with a new 15-year, absolute triple net lease.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Arizona-based Prescott Valley Native, LLC. Joseph Lising of Marcus & Millichap represented the buyer, California-based Kyusang Lee & Vivian Lee Revocable Trust.
“We sourced a 1031 exchange buyer from southern California that placed new financing on the property,” said CBRE’s Compagno. “My team has been very successful in structuring sale/leasebacks for regional and national corporations.”
Native Grill & Wings is famous for their 20 award-winning wing flavors and has been named on Restaurant Business Magazine’s Future 50. Th Prescott Valley location opened in October 2017.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.