PHOENIX/MISSOURI, February 7, 2020 – Cushman & Wakefield has announced the sale of two properties fully leased to Utah-based Kneaders Bakery & Café totaling a combined sale price of $5,325,000 – one located in Phoenix, AZ and the other in Blue Springs, MO. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transactions on behalf of the sellers.
“Kneaders Bakery has continued to be a leader in the fast-casual bakery market throughout Utah, Arizona, and the other states that they enter, and it has been a fun ride to watch them grow. We look forward to continue helping buyers and sellers transact on different Kneaders locations throughout the country as we have done in the past,” Hollenbeck said.
Cushman & Wakefield represented Scottsdale-based LEP Properties, LLC, in the completion of the Phoenix sale located at 4126 E. Indian School Road. Portland-based Pacific Realty Exchange, Inc. purchased the property for $2,650,000.
The 4,055-square-foot, single-tenant building is 100% leased to Kneaders and was built in 2016, with 12 years remaining on the lease. They are strategically located in one of the most desirable and up-and-coming areas of Phoenix on Indian School Road in the Arcadia neighborhood.
The Missouri property sale, located at 800 NE Coronado Dr. in Blue Springs, MO, was also 4,055-square-feet, and a single-tenant building 100% leased to Kneaders. Hollenbeck represented the seller, Scottsdale, AZ-based LEP Caboose, LLC, and the property was bought by Fort Myers Florida-based The Frapwell-Andersen Trust for $2,675,000.