Angie's Lobster and Burgers Drive-Thru | 6925 83rd ave
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Angie's Lobster and Burgers Drive-Thru 6925 83rd ave
1,075 SF 4-Star Retail Building Glendale, AZ 85305 £2,687,334 (£2,500/SF) 5.40% Net Initial Yield
Executive Summary
- Brand-new, single-tenant investment opportunity with Angie’s Lobster and Burger, quick-service restaurant concepts by the founders of the popular, healthy drive-thru company Salad and Go.
- ±20.5-year absolute triple-net (NNN) lease with attractive 2% annual increases and four (4), five (5) year option periods. The lease is personally guaranteed by the founders.
- Angie’s Food Concepts currently has 12 locations open under their concepts Angie’s Lobster, Angie’s Burger, and Angie’s Prime Grill, with a dozen more scheduled to open within the next year.
- Angie’s Lobster is a vertically integrated company. To control costs, they purchased a wharf in Bailey Island, ME to buy lobster direct, as well as a lobster processing facility in Richmond, ME, where they process all lobster for their drive-thru properties. By cutting out the middlemen, Angie’s Lobster is able to profitably serve fresh-caught Maine lobster meals at a fraction of the price compared to their competitors.
- The Property is located within 5 minutes of Westgate Entertainment District, which offers over 533,000 square feet of retail, office, and residential space; State Farm Stadium, home of the NFL’s Arizona Cardinals (±73,000 seats); and Desert Diamond Arena (±18,300 seats). Westgate also features Tanger Outlets, which has over 90 brand name outlet stores.
- Currently under development approximately 5 minutes southwest of the Property is the VAI Resort, the largest hotel and entertainment destination in Arizona with over 1,200 luxury hotel suites and rooms, a large state of the art 360-degree concert stage, and 13 elevated fine dining concepts; and the Mattel Adventure Park, Arizona’s first fully themed indoor/outdoor amusement park covering 9 acres. Both are expected to open in 2025.
- Approximately 6 minutes northwest of the Property is the Desert Diamond Casino – West Valley, a casino with ±320 rooms and over 75,000 square feet of entertainment.
- The demographics surrounding the Property are strong, with an average household income of $122,591 in a 1-mile radius and population of ±150,104 in a 3-mile radius (Source: Esri).
- The Property is located at the highly traveled intersection of W Glendale Ave and 83rd Ave, with ±43,019 VPD (Source: ADOT, 2023).
- ±20.5-year absolute triple-net (NNN) lease with attractive 2% annual increases and four (4), five (5) year option periods. The lease is personally guaranteed by the founders.
- Angie’s Food Concepts currently has 12 locations open under their concepts Angie’s Lobster, Angie’s Burger, and Angie’s Prime Grill, with a dozen more scheduled to open within the next year.
- Angie’s Lobster is a vertically integrated company. To control costs, they purchased a wharf in Bailey Island, ME to buy lobster direct, as well as a lobster processing facility in Richmond, ME, where they process all lobster for their drive-thru properties. By cutting out the middlemen, Angie’s Lobster is able to profitably serve fresh-caught Maine lobster meals at a fraction of the price compared to their competitors.
- The Property is located within 5 minutes of Westgate Entertainment District, which offers over 533,000 square feet of retail, office, and residential space; State Farm Stadium, home of the NFL’s Arizona Cardinals (±73,000 seats); and Desert Diamond Arena (±18,300 seats). Westgate also features Tanger Outlets, which has over 90 brand name outlet stores.
- Currently under development approximately 5 minutes southwest of the Property is the VAI Resort, the largest hotel and entertainment destination in Arizona with over 1,200 luxury hotel suites and rooms, a large state of the art 360-degree concert stage, and 13 elevated fine dining concepts; and the Mattel Adventure Park, Arizona’s first fully themed indoor/outdoor amusement park covering 9 acres. Both are expected to open in 2025.
- Approximately 6 minutes northwest of the Property is the Desert Diamond Casino – West Valley, a casino with ±320 rooms and over 75,000 square feet of entertainment.
- The demographics surrounding the Property are strong, with an average household income of $122,591 in a 1-mile radius and population of ±150,104 in a 3-mile radius (Source: Esri).
- The Property is located at the highly traveled intersection of W Glendale Ave and 83rd Ave, with ±43,019 VPD (Source: ADOT, 2023).
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Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
1,075 SF
Building Class
B
LoopNet Rating
4 Star
Year Built
2024
Price
£2,687,334
Price Per SF
£2,500
Net Initial Yield
5.40%
NOI
£145,154
Tenancy
Single
Number of Floors
1
Building FAR
0.03
Land Acres
0.84 AC
Amenities
- Drive Thru
PROPERTY TAXES
| Parcel Number | 102-05-482 | Improvements Assessment | £0 |
| Land Assessment | £17,148 | Total Assessment | £17,148 |
PROPERTY TAXES
Parcel Number
102-05-482
Land Assessment
£17,148
Improvements Assessment
£0
Total Assessment
£17,148
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Angie's Lobster and Burgers Drive-Thru | 6925 83rd ave
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