Arby’s Sold for $1.35M in Fast-Growing Area of Phoenix Metro

Article originally posted on Phoenix Business Journal on December 15, 2016

A quick-service restaurant has sold along a fast-growing area in the Southeast Valley.

The Arby’s at 2110 North Arizona Avenue has been sold for $1.35 million by Easy Valley Partners, LLC to Orwell, LLC.

The sale of the 3,300-square-foot space, built in 1987 and renovated in 2008, was represented by Scottsdale-based Orion Investment Real Estate’s Senior Vice President Nick Miner and Vice President Derek Buescher.

“The seller purchased the former East Valley Mall a couple years ago to redevelop/re-position. Part of the plan was to sell off the smaller properties that were already under long term leases. This is one of the properties. Our marketing efforts produced multiple offers before selecting this buyer, who was in a 1031 Exchange,” Miner said in a statement.

The area surrounding the Arby’s has seen plenty of development: Scottsdale-based Everest Holdings bought the 512-unit Biscayne Bay apartments located on Warner Road and Arizona Avenue in Chandler for $71.5 million; Arizona’s first Alamo Drafthouse Cinema is opening further north on Arizona Avenue; and a couple blocks east is the restaurant explosion in downtown Gilbert.