NET LEASED PROPERTY IN OLD TOWN SCOTTSDALE TRADES
SCOTTSDALE, AZ – Nick Miner, CCIM of ORION Investment Real Estate, reports representing the Seller, DP201, LLC, in the 6,200 Square Foot net-leased, restaurant building in Old Town Scottsdale for $1,030,000.00 or $166 per square foot. ?The property was 100% leased at time of sale to Frasher’s Tavern.?Frasher’s Taverns is a local landmark tenant in Old Town for over 16 years.?Frasher’s relocated to this site in January 2020.
Old Town Scottsdale, Scottsdale's downtown, is among the most vibrant and unique urban downtown centers in the American Southwest.?A density of bars, lounges, restaurants and clubs offer myriad dining and nightlife opportunities within short distance of each other. And art fans can peruse the galleries of Main Street and visit the Scottsdale Museum of Contemporary Art and Western Spirit: Scottsdale’s Museum of the West. Old Town Scottsdale is known for hosting great events throughout the year such as markets, art walks, festivals, parades, concerts, and block parties.
“This was not the typical real estate transaction.?This was a Leasehold Interest sale.”?Nick Miner, CCIM, Senior Vice President at ORION commented.?The property was on a long term ground lease.?“Originally, this was an Outback Steakhouse that signed a 119 year ground lease with the owners when it was initially developed in 1998.”
Seller, DP201, LLC, was represented by Miner in the disposition of this property.
Buyer, Drinkwater Associates, LLC, was self-represented in the transaction.
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