Chris Hollenbeck and Shane Carter with Cushman & Wakefield’s Phoenix office led the sales efforts for the single-tenant net leased investment properties, representing the sellers in each transaction.
The first sale was 9330 E. Golf Links Rd in Tucson, AZ. Developed in 2019, the 824-square-foot (sf) drive-thru building was acquired by Phoenix-based 725 South Dobson Road, LLC for approximately $1.8 million. The seller was Millenium Trust Co. The property is situated along E. Golf Links Rd., one of Tucson's main east to west arterials, and is adjacent to Rincon Plaza and nearby by many major retailers. It is also surrounded by a dense residential population and proximate to Pima Community College.
The second sale consisted of 2250 AZ Highway 95 #42, Bullhead City, AZ., a brand new 862-sf drive-thru building constructed in 2020 that sold for $1.75 million. The seller was CVP-Bullhead City DB, LLC of Portland, OR and the buyer was Omega Alpha, LLC of Canby, OR. The property sits along Highway 95, the city’s main north to south arterial, and near a cluster of notable retailers. Located at the Arizona and Nevada borderline, approximately 5 million visitors pass through Bullhead City each year, while Laughlin, its sister city and popular tourist destination, is directly across the Colorado River.
The third transaction was the sale of 15431 E 104th Ave in Commerce City, CO, a suburb of Denver. The property is a new 842-sf drive-thru building built in 2019 and traded for approximately $2.1 million. The seller was TTRG Commerce City CO, LLC of Terry Haute, IN, and the buyer was Scottsdale-based Mohrschladt-Howarth Associates Inc. 104th Ave is a major thoroughfare through Commerce City, while the property sits at a King Soopers Marketplace-anchored intersection boasting numerous national retailer names. Cushman & Wakefield’s Robert Hudgins in the firm’s Denver office joined Hollenbeck and Carter in representing the seller.
Chris Hollenbeck said, “These were all fantastic, well located investment opportunities supported by strong new long-term lease terms with the largest privately owned drive-thru coffee company chain in the U.S. Each location is along major, heavily-trafficked roadways with high visibility, and amongst other major retailers further helping drive traffic to these locations, while also serving the surrounding residential and those visiting.”
