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7/23/18
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A 1.4k sf, stand-alone retail/restaurant building in Mesa, AZ that is fully occupied by Black Rock Coffee Bar sold for $1.7 mil, or $1,214/sf. The transaction represents the first sale of a Black Rock-occupied building since the coffee franchise entered the Phoenix market in 2016. Black Rock Coffee remains the building’s primary tenant.
The free-standing Black Rock Coffee building is a custom build-to-suit space featuring indoor and outdoor seating and a drive through. Scottsdale-based SimonCRE completed the project in February of this year. Black Rock Coffee took occupancy in March.
The property is located at 1440 S. Higley Rd, within a Lowe’s-anchored retail center and situated immediately south of the US 60 in Mesa. The site offers a hard, signalized corner with monument signage, high traffic counts and strong demographics.
JLL’s Peter Bauman, Tivon Moffitt, Tyson Switzenberg and Dennis Desmond represented the SimonCRE and the property buyer, The Emas Family Trust, in the transaction.
“SimonCRE develops phenomenal product and this building – which is the first single-tenant, build-to-suit Black Rock Coffee location constructed in Arizona – was no exception,” said Bauman. “The listing received an extreme amount of interest from the private capital market before it was sold in a 1031 exchange. Its new owner has a strong history in net lease Arizona properties and understands the value of this asset.”
Based in Portland, OR, Black Rock Coffee Bar operates more than 53 company-owned and franchise stores in Arizona, California, Idaho, Oregon and Washington, and coming soon to Colorado. Each Black Rock Coffee Bar serves single origin coffee roasted in small batches and medium to dark blends, as well as local pastries, smoothies, drinks for kids, juices and blended coffee drinks.
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