CBRE has arranged the $2.14 million sale of a 1,700-square-foot single-tenant retail property leased to The Coffee Bean & Tea Leaf, in Scottsdale, Ariz. Joseph Compagno, Benjamin Farthing and Jared Davis of the brokerage’s Net Lease Property Group in Phoenix represented the seller, KAFE LLC. Ian Schroeder, Melissa Ley and Allison McDuffie of the corresponding CBRE team in Newport Beach, Calif., represented the buyer, Monarch Real Estate Holdings LLC.
Built in late 2019, the building includes a drive-thru and is occupied by the coffee chain with a new 10-year lease. CBRE listed the asset for sale on March 27, as the COVID-19 situation began to inflict deep economic losses on Arizona and the U.S. The property was sold in 60 days at a 4.77 percent cap rate, according to a statement by the brokerage, highlighting the continued appeal of income properties in Arizona to investors from California.
Located at 16420 N. Scottsdale Road, the building sits within a dense retail area, which includes the adjacent The Promenade shopping center. The single-tenant property is also 1 mile from Kierland Commons, an outdoor shopping mall, with Scottsdale Airport is roughly 2 miles away. The surrounding area also includes some of Arizona’s largest employers, such as Mayo Clinic and Republic Services.
This month, another CBRE team completed the sale of Woodlake Crossing, a 159,703-square-foot retail power center in San Antonio.