SCOTTSDALE, AZ – [December 21, 2022] – Blue West Capital has completed the sale of the Black Rock Coffee Bar located at 7000 E Shea Blvd, Scottsdale, AZ for $2,716,109. This sale had the lowest cap rate ever recorded for a single tenant net lease Black Rock Coffee Bar nationwide, according to CoStar.
Robert Edwards and Tom Ethington represented the seller in the transaction; a Colorado-based real estate developer and owner. The purchaser was a local investor.
This infill hard corner sits at the signalized intersection of Shea Boulevard and 70th Street and is an outparcel to Block 7000, a mixed-use redevelopment in the heart of Scottsdale. The newly constructed drive-thru building contains 1,977 square feet and has a long-term corporate guaranteed lease. The property is located just blocks north from Chaparral High School in the Paradise Valley neighborhood, Arizona’s wealthiest municipality, with an average annual household income of $145,913.
“We started marketing the property for sale prior to the building’s construction being completed. We were quickly able to secure an all cash local purchaser through our extensive national marketing efforts and in-depth relationships with investment brokers. The purchaser was represented by Jason Reddington, Partner at Levrose Commercial Real Estate."
Robert Edwards, Managing Partner
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