Colliers International in greater Phoenix sold a 7,522-square-foot building occupied by Twin Peaks Restaurant at 8787 E. Frank Lloyd Wright Blvd. in Scottsdale for about $4.4 million.
Marc Bonilla of Colliers International represented the seller, TT Scottsdale LLC, in the transaction and Jacob Baratz of Marcus and Millichap represented the Buyer, Sherman C. Little and Delaine K. Little.
This marks the second time Mr. Bonilla has sold the asset, according to a press release. He negotiated the sale of the Twin Peaks site to TT Scottsdale LLC, in 2012 for $2.5 million.
Twin Peaks – North Scottsdale – is located on Loop 101 and Frank Lloyd Wright Blvd. The property boasts hard-corner visibility, a pad site, and clear visibility off the on-ramp to Loop 101, the release stated.
The lease is based on a 15-year absolute net with a corporate guarantee. Twin Peaks is part of the 285,000-square-foot Sonora Village shopping center, which is anchored by Best Buy, Staples and Studio Movie Grill. The center is located adjacent to Walmart, Home Depot, Target, Costco, Sam’s Club, and Kohl’s.
“This trophy asset represents one of the best investment profiles north Scottsdale has to offer. The property boasts outstanding visibility, particularly off the Loop 101 and Frank Lloyd Wright, with a thriving tenant,” said Mr. Bonilla in the release. “Deals like this are hard to find. We were under contract within a week from marketing launch near full asking price.”
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