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| Dos Gringos portfolio, Arizona |
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| Tyson Switzenberg |
PHOENIX, AZ –
Phoenix loves its food, a characteristic that’s growing the local restaurant
industry and building a strong investment story for restaurant real estate.
This strength is evidenced by JLL’s recent $4.7 million Dos Gringos, Inc.
restaurant portfolio sale, a multi-building deal spanning three active retail
markets.
JLL’s Tyson Switzenberg, John Reva, Trask
Switzenberg and Matthew Berres completed the sale on behalf of
Arizona-based Dos Gringos and the portfolio buyer, STORE Capital.
The Dos
Gringos portfolio totals 14,695 square feet in three single-tenant, freestanding
restaurants in three active retail submarkets: Chandler, South Tempe and
Scottsdale. All three buildings are 100 percent leased to the award-winning Dos
Gringos restaurant chain.
According to
JLL research, Phoenix’s retail market is emerging from the ashes of the
recession, fueled by the resurgence of the residential market and an influx of
quality employers created by the growing tech scene.
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| Trask Switzenberg |
This has helped to deliver
three straight years of positive net absorption greater than 1.5 million square
feet and vacancy rates that have finally dropped below 10 percent for the first
time since 2008.
Economists are expected to stay high on Phoenix as continued
job and population growth drive down vacancies and raise rents. In turn, the
market is receiving more demand from all types of investors.
The Dos
Gringos portfolio locations deliver prime locations in busy retail corridors
and a dense population base. Within three miles of each Dos Gringo portfolio
location, the average population exceeds 110,000 and average household incomes
are nearly $74,000.
For a complete copy of the company’s
news release, please contact:
Stacey
Hershauer
focusAZ
Marketing
& Public Relations
(480)
600-0195
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