CBRE has completed the sale of a property leased to Wendy’s corporate, located at 1127 East Florence Boulevard in Casa Grande, Ariz. Wendy’s has 17.5 years remaining on an absolute triple-net ground lease and the property offers excellent frontage along the highly-trafficked Florence Boulevard.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Calif.-based, Lawndale Gateway LLC. David Landau and Chris Bonbright of Avison Young represented the buyer, a Calif.-based Irrevocable Trust.
“This sale was a unique low price point ground-lease opportunity for a new investor,” said CBRE’s Compagno. “ We generated multiple offers at list price, and ultimately, the buyer closed all cash at a 4.25 percent cap rate.“
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
