CBRE sets record low cap rate in sale of Phoenix Kneaders

(submitted photo)

(submitted photo)

CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café located in the Arcadia neighborhood of Phoenix, at 4126 E. Indian School Road.

Four Foods Group bought the land and just completed construction on the 4,055-square-foot retail property, according to a press release.

Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office sold the property at a price of $3.3 million, averaging $822 per square foot, and a 4.5 percent cap rate. This was a 15-year, absolute triple net lease sale-leaseback.

“We sourced a local Scottsdale based 1031 exchange investor from our large database immediately upon taking the property to the market,” said Mr. Compagno in the press release. “The 4.5 percent cap rate represents a record low cap rate for our seller, Four Foods Group. The buyer paid all cash and closed the escrow in 16 days. We were able to structure a pre-sale where the buyer closed the day Kneaders opened for business.”

John Toben of NAI Horizon represented the buyer, Laree E. Perez Trust.

Kneaders Bakery and Café opened for business at this location on July 21.

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