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7/01/20
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Three newly constructed freestanding drive-thru retail buildings fully leased to Dutch Bros Coffee in Arizona and Colorado sold for a combined value of $5.65 mil. The single-tenant, net leased investment properties, two in Arizona and one in Colorado, sold in separate deals. Chris Hollenbeck and Shane Carter with Cushman & Wakefield’s Phoenix office represented the sellers in the transactions.
One of the properties that sold is at 9330 E. Golf Links Rd in Tucson, AZ. Developed in 2019, the 824 sf, drive-thru building was acquired by Phoenix-based 725 South Dobson Road LLC for approximately $1.8 mil ($2,184/sf). The property was sold by Millenium Trust Co.
The property is situated along E. Golf Links Rd, one of Tucson's main east to west arterials, and is adjacent to Rincon Plaza and nearby by many major retailers. It is also surrounded by a dense residential population and proximate to Pima Community College.
The second sale was for 2250 AZ Highway 95 #42 in Bullhead City, AZ. The brand new, 862 sf drive-thru building was constructed in 2020 and sold for $1.75 mil ($2,030/sf. The seller was CVP-Bullhead City DB LLC of Portland, OR and the buyer was Omega Alpha LLC of Canby, OR.
The property sits along Hwy 95, the city’s main north to south arterial, and near a cluster of notable retailers. Located at the Arizona and Nevada borderline, approximately 5 million visitors pass through Bullhead City each year, while Laughlin, its sister city and popular tourist destination, is directly across the Colorado River.
The third transaction was for 15431 E 104th Ave in Commerce City, CO, a suburb of Denver. The property, a new 842 sf drive-thru building built in 2019, traded for $2.1 mil ($2,494/sf). The seller was TTRG Commerce City CO LLC of Terry Haute, IN, and the buyer was Scottsdale-based Mohrschladt-Howarth Associates Inc.
104th Ave is a major thoroughfare through Commerce City, while the property sits at a King Soopers Marketplace-anchored intersection boasting numerous national retailer names. Cushman & Wakefield’s Robert Hudgins in the firm’s Denver office joined Hollenbeck and Carter in representing the seller.
Hollenbeck commented, “These were all fantastic, well located investment opportunities supported by strong new long-term lease terms with the largest privately owned drive-thru coffee company chain in the U.S. Each location is along major, heavily-trafficked roadways with high visibility, and amongst other major retailers further helping drive traffic to these locations, while also serving the surrounding residential and those visiting.”
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