The 3,004-sf, single-tenant retail property at 4102 E. Thomas Rd. drew three bids in its week on the market, but Santa Barbara-based seller, Arizona Colorado Enterprises LLC, opted to go with Rowland Ranch Properties LLC of Newport Beach, CA because of its quick closing terms and all-cash offer, Jamie Medress with Marcus & Millichap's Phoenix office tells GlobeSt.com.
"The owner decided to go with the all-cash offer and the quick due diligence period," Medress says. The restaurant, one of 11 El Pollo Loco fast-food franchises in the Valley, is located near 40th Street and Thomas Road in a booming retail and office area.
Medress says the buyer selected the property because of its location and long-term lease, the terms of which were not disclosed. "Looking at the location long term, they felt they couldn't go wrong," he explains. Medress, along with Steve Gonzalez, also with Marcus & Millichap, represented both parties in the restaurant sale.
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