CBRE has completed the sale of a single-tenant, 1,965-square-foot Starbucks located at 1688 East Route 66 in Flagstaff, Arizona. The property commanded a sale price of $2.73 million or $1,295 per square foot.
Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Colorado-based Ponderosa FAZ, LLC. Wade Six of VI Commercial Real Estate represented the buyer, Oregon-based 249 A Street, LLC.
“This year, we’ve had tremendous success in bringing to market many Starbucks locations across Arizona and the country,” said CBRE’s Compagno. “For this location in Flagstaff, we sourced an Oregon-based investor that completed an all cash 1031 exchange before their identification period expired.”
The new Starbucks boasts a sought after, high traffic location just north of the I-40 freeway and is minutes away from Northern Arizona University, downtown Flagstaff and the Flagstaff Mall.
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.
