CBRE has completed the sale of a single-tenant, 3,243-square-foot Freddy’s Frozen Custard and Steakburgers located in The Marketplace Marana at 3725 West Orange Grove Road in Tucson, Arizona. The Property commanded a sale price of $2.378 million.
Joseph R. Compagno with CBRE’s Phoenix office represented the Seller, Arizona-based BLT Marana Properties, LLC. Steven Fontes with Mission Property Advisors represented the buyer, California-based Hyrosen Properties Inc. c/o Inland Pacific Advisors.
“We are seeing an increased flight of buyers and 1031 exchange investors coming from California to invest in Arizona. This is due to a variety of reasons, including improved investment returns, lower taxes, political reasons and portfolio diversification,” said CBRE’s Compagno.
Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. Freddy’s has over 300 restaurants operating nationwide, with plans to open more than 40 new restaurants nationwide in 2018.
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.