CBRE has arranged the $1.85 million sale of a single-tenant Denny’s ground lease located at 3160 West Carefree Highway in Phoenix. The 4,836-square-foot building is located in the heavily trafficked Tramonto Marketplace shopping center along the Carefree Highway and the I-17 freeway.
Joseph R. Compagno with CBRE’s Net Lease Property Group in Phoenix represented the Arizona-based seller. Brett Visintainer with Visintainer Group represented the buyer, Calif.-based YI Ranches, LP.
“We received nine all-cash offers within five days of taking the property to the market,” said CBRE’s Compagno. “The buyer paid $50,000 over list price to secure the opportunity. This is a great example of the power of the largest investment sale platform in the world, and the strength of our proprietary databases here at CBRE."
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.
