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| Black Rock Coffee Bar Building, Mesa, AZ |
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| Peter Bauman |
PHOENIX, AZ – On behalf of SimonCRE, the Phoenix office of JLL has
completed the sale of a stand-alone retail/restaurant building in Mesa, Arizona
that is fully occupied by Black Rock Coffee Bar.
The transaction represents the first sale of a Black
Rock-occupied building since the coffee franchise entered the Phoenix market in
2016. Black Rock Coffee remains the building’s primary tenant.
JLL Senior Vice Presidents Peter Bauman, Tivon Moffitt and Tyson Switzenberg,
and Senior Managing Director Dennis Desmond represented
the building developer and owner, SimonCRE, and the property buyer, The Emas
Family Trust, in the $1.7 million transaction.
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| Tivon Moffitt |
“SimonCRE develops phenomenal product and this building –
which is the first single-tenant, build-to-suit Black Rock Coffee location
constructed in Arizona – was no exception,” said Bauman.
“The listing received an extreme amount of interest from the
private capital market before it was sold in a 1031 exchange. Its new owner has
a strong history in net lease Arizona properties and understands the value of
this asset.”
“Having a great tenant like Black Rock Coffee and a location
within such a strong trade area made this a tremendous investment opportunity,”
said Joshua Simon, CEO and Founder of SimonCRE. “We were thrilled to be
a part of this project and be a part of Black Rock Coffee’s expansion in
Arizona.”
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| Tyson Switzenberg |
The free-standing Black Rock Coffee building is a custom
build-to-suit space featuring indoor and outdoor seating and a drive through.
Scottsdale-based SimonCRE completed the project in February of this year. Black
Rock Coffee took occupancy in March.
A full-service commercial real estate developer, SimonCRE
specializes in ground-up development, build-to-suits and redevelopment projects
across the United States.
Its Mesa Black Rock Coffee building is located at
1440 S. Higley Rd., within a Lowe’s-anchored retail center and situated
immediately south of the US 60 in Mesa, Arizona. The site offers a hard,
signalized corner with monument signage, high traffic counts and strong
demographics.
“Phoenix represents a major growth market for Black Rock,”
said Switzenberg, who since 2016 has completed multiple Phoenix-area leases for
the Black Rock Coffee concept. “Our communities have responded well to each new
location, and that has Black Rock on a steady search for more Valley site
opportunities.”
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| Dennis Desmond |
Based in Portland, Oregon, Black Rock Coffee Bar operates
more than 53 company-owned and franchise stores in Arizona, California, Idaho,
Oregon and Washington, and coming soon to Colorado.
Each Black Rock Coffee Bar
serves single origin coffee roasted in small batches and medium to dark blends,
as well as local pastries, smoothies, drinks for kids, juices and blended
coffee drinks.
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management.
Our vision is to
reimagine the world of real estate, creating rewarding opportunities and amazing
spaces where people can achieve their ambitions.
In doing so, we will build a
better tomorrow for our clients, our people and our communities. JLL is a
Fortune 500 company with nearly 300 corporate offices, operations in over 80
countries and a global workforce of 83,500 as of March 31, 2018. JLL is the
brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
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| Joshua Simon |
In Phoenix, JLL is a market leader employing more than
580 of the region’s most recognized industry experts offering office,
industrial, retail, healthcare and data center brokerage, tenant
representation, facility and investment management, capital markets,
multifamily investments and development services, and related services within
the real estate leasing, investment and management process.
In 2017, the
Phoenix team completed 35.7 million square feet in lease and sale transactions
valued at $1.9 billion, directed $112 million in project management and
currently manages a 24.2 million-square-foot portfolio.
For more information, please contact:
Stacey Hershauer
Phone: +1 480 600 0195
Email: stacey@focusaz.com
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