CBRE has completed the $1.78 million sale of a single-tenant property leased to Dutch Bros Coffee, located at 602 South Beeline Highway in Payson, Ariz. The 824-square-foot building is the first Dutch Bros in the Payson market and will benefit from the year-round tourism in the area.
“This project and sale really show the strength of Dutch Bros in the consumer market as well as the investment market.” said SimonCRE’s Founder and Chief Executive Officer, Joshua Simon. “We knew this would be an attractive property with a significant potential for success in this area. We’re excited to have been a part of it.”
“We sourced a Northern California 1031 Exchange buyer who was specifically looking for a new Dutch Bros Coffee investment. The buyer was attracted to the long-term 15-year corporate lease and the companies growing brand. We see great buyer demand for Dutch Bros moving forward.” said CBRE’s Farthing. “This new build-to-suit Dutch Bros Coffee was developed by SimonCRE. “
Dutch Bros Coffee was founded in Oregon in 1992 and has over 300 locations in seven States with plans to grow to 800 stores in the next five years.
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.