ORION Investment Real Estate announced the sale of a newly constructed, single tenant net leased building in highly sought after Downtown Tempe, Arizona. Property-adjacent is The Local, anchored by well-known Whole Foods Market and offering one-, two-, and three-bedroom apartment floor plans, which venerates everything inspiring about the Tempe community.
Totaling approximately 2,342 square feet, the property sold at a notable $995 per square foot, or $2,330,000 overall. The tenant is an award-winning restaurant, Gadzooks.
Andrew Harrison, Senior Vice President at ORION, represented the Seller – Kobold 505 W University LLC. “The Gadzooks Tempe property was a rare opportunity to purchase a single tenant, quick service restaurant on a long-term lease. Downtown Tempe has very high barriers for entry for this type of retail development. The investor and tenant should reap the benefits from the explosion of multi-family and office development in the immediate area,” noted Harrison. The Buyer, Tempe Commercial LLC, was self-represented.
Gadzooks Enchiladas & Soups is an innovative restaurant who recently won Best Enchiladas in Phoenix New Times Magazine. The lease is an absolute triple net lease with no landlord responsibilities. This is Gadzooks third location.