Land where Donovan’s Steak & Chop House stands sells for $6.15M

A view of Donovan's Steak & Chop House. (Submitted photo)

A view of Donovan’s Steak & Chop House. (Submitted photo)

Cushman & Wakefield has announced the land occupied by Donovan’s Steak & Chop House, 3101 E. Camelback Road in Phoenix, has been sold for $6.5 million.

Cushman & Wakefield Executive Vice President Chris Hollenbeck represented the seller, Prime Land Assets, LLC of Phoenix. Michael Hackett, executive managing director at Cushman, represented the buyer Menin Development of Palm Beach, Fla.

Donovan’s sits on 1.5 acres in the Camelback Corridor.

The Camelback Corridor area is one of the most desirable business and residential locations in not only Metro Phoenix but the entire southwest, commercial real estate professionals speculate.

“There is a very limited supply of retail and restaurant space in the area, keeping demand exceptionally high and rental rates at a premium,” Mr. Hollenbeck said in a prepared statement.

“Among the limited retail in the area is the exceptional and hugely successful Biltmore Fashion Park, with a number of high-end retailers and restaurants.”

The property was 100 percent leased at the time of sale by a single-tenant. The buyer plans a long term investment with no foreseeable changes as Donovan’s will continue to lease the property, according to a press release.

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