ARMSTRONG CAPITAL DEVELOPMENT SELLS MCDONALD’S GROUND LEASE IN LAVEEN, ARIZONA
Denver, CO - Armstrong Capital Development (ACD) announced today that it has recently closed the sale of a 4,500 square foot single-tenant retail restaurant building in the suburban Phoenix community of Laveen Village, Arizona. Net leased to McDonald’s, the nation’s largest fast-food franchise, the asset sold at a 3.16% cap rate.
Shops at Laveen Village is a multi-unit neighborhood retail center situated adjacent to one of the most visited Fry’s grocery stores in the entire Phoenix-metro and a well-performing Home Depot. McDonald’s resides on a single tenant outpad with outstanding frontage and convenient access; and is among a diverse stable of daily use, e-commerce resistant operators including Wells Fargo, Chipotle, Starbucks and others. Located at the northwest corner of the intersection of Baseline and 51st Avenue in Laveen Village, Arizona, the center enjoys visibility and convenience to more than 60,000 vehicles per day and robust surrounding residential growth, including 3,603 new dwelling units planned within a 2-mile radius.
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.