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6/16/20
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A 1.7k sf, single-tenant retail property leased to The Coffee Bean & Tea Leaf in Scottsdale, AZ sold for $2.14 mil ($1,259/sf). The asset, located at 16420 N. Scottsdale Rd, was acquired by Monarch Real Estate Holdings LLC.
The property, which includes a drive-thru, was built in late 2019 and offers a new 10-year lease with The Coffee Bean and Tea Leaf. It is well-positioned on Scottsdale Road, directly south of Frank Lloyd Wright Blvd. and across the street from The Promenade retail center and Kierland One, a new premier office complex.
Scottsdale Quarter, Kierland Commons, TPC Scottsdale, the Scottsdale Airport and some of Arizona’s largest employers, including Mayo Clinic, Go Daddy and Republic Services, are in the area. The next closest drive-thru coffee shop is 1.5 miles to the north and 1.8 miles to the south of the property.
Joseph Compagno, Benjamin Farthing and Jared Davis of CBRE's Net Lease Property Group in Phoenix represented the seller, KAFE LLC, in the transaction. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE's Net Lease Property Group repped the buyer.
“The buyer was attracted to the rare opportunity to acquire a single-tenant Coffee Bean drive-thru in North Scottsdale,” said Compagno. “We listed the property for sale on March 27th during the early stages of the COVID-19 pandemic. The property was sold in 60 days, start to finish, at a 4.77% cap rate. This transaction demonstrates the continued flight of investors from California seeking Arizona income property.”
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