CBRE Brokers $6.1M Sale Of Chick-fil-A Ground Lease At 819 North 7th Avenue In Phoenix
819 North 7th Avenue
$6,100,000
$1,132/SF
Building Size
5,388 SF
Asset Type
Retail
Closing
Oct 12, 2023
AI
A new Chick-fil-A ground lease in downtown Phoenix has been sold for $6.1 million at 819 North 7th Avenue. The retail property spans 1.45 acres and consists of a 5,388 square foot building. The price per square foot was approximately $1,132.
Summary of transaction details
- Property Type: Retail
- Sale Price: $6,100,000
- Address: 819 North 7th Avenue
- Market: Phoenix, AZ
- Asset Type: Retail
- Acres: 1.45
The sellers involved in this transaction were Mark Davis of 48 Development and Benjamin Gutkin & Allan Gutkin of Jag Development Phoenix. The sale was brokered by CBRE agents Benjamin Farthing and Joseph Compagno.
Players
Sturgeon Bay Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93