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News release

PHOENIX, AZ

Phoenix + Food: $4.7 Million JLL Dos Gringos Portfolio Sale Reflects Strength

Investors drawn to success and outlook of local restaurant real estate


PHOENIX, June 23, 2015 – Phoenix loves its food, a characteristic that’s growing the local restaurant industry and building a strong investment story for restaurant real estate. This strength is evidenced by JLL’s recent $4.7 million Dos Gringos, Inc. restaurant portfolio sale, a multi-building deal spanning three active retail markets.

JLL’s Tyson Switzenberg, John Reva, Trask Switzenberg and Matthew Berres completed the sale on behalf of Arizona-based Dos Gringos and the portfolio buyer, STORE Capital.

The Dos Gringos portfolio totals 14,695 square feet in three single-tenant, freestanding restaurants in three active retail submarkets: Chandler, South Tempe and Scottsdale. All three buildings are 100 percent leased to the award-winning Dos Gringos restaurant chain.

According to JLL research, Phoenix’s retail market is emerging from the ashes of the recession, fueled by the resurgence of the residential market and an influx of quality employers created by the growing tech scene. This has helped to deliver three straight years of positive net absorption greater than 1.5 million square feet and vacancy rates that have finally dropped below 10 percent for the first time since 2008. Economists are expected to stay high on Phoenix as continued job and population growth drive down vacancies and raise rents. In turn, the market is receiving more demand from all types of investors.

The Dos Gringos portfolio locations deliver prime locations in busy retail corridors and a dense population base. Within three miles of each Dos Gringo portfolio location, the average population exceeds 110,000 and average household incomes are nearly $74,000.

About JLL – Retail Group
JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 125 retail brokerage experts spanning more than 30 major markets, representing more than 670 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has more than 620 centers, totaling 77 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.  For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com.

In Phoenix, JLL is a market leader employing more than 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2014, the Phoenix team completed 12.2 million square feet in lease transactions valued at $918 million, directed $75 million in project management and currently manages a 23.1 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.