Phoenix Single-Tenant NNN Coffee Shop Sells for $707/SF After Garnering Multiple Offers
PHOENIX – CBD Coffee Shop, located at 1302 East McDowell Road, sold this week for $1,297,000 or $707 per square foot, at a 5.96% cap rate. Nick Miner, CCIM of ORION Investment Real Estate represented both parties in the transaction. The Seller was GP 1302 E McDowell, LLC / Atlas Phoenix and the Buyer was Deerwood Strategic Partners, LLC. The Buyer paid all-cash and was selected after multiple offers were received.
This location of CBD (Coffee Brewed Differently) opened in February of 2021 after the property was completely remodeled in 2020. The building offers a drive-thru and great exposure along McDowell Road which sees an average of ±32,000 cars per day.
1302 East McDowell Road has great access to all of Phoenix’s major freeways and is just a few minutes to Phoenix Sky Harbor International Airport, which saw an 46,288,337 passengers in 2019 alone. The property is located just across a full-service hospital with 746 beds, Banner University Medical Center.
Nick Miner, CCIM commented on the transaction, “This was a great redevelopment of a former Jack in the Box to CBD Coffee Shop. I helped my client purchase the property and it is great to be able to help him execute his business plan on this asset. The Buyer was excited about the property location and the long term lease. We had several offers. The Buyer that was selected was an all cash buyer. ”
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