ICRE Investment Team is proud to have exclusively represented the Buyer, 52nd Street, a Joint Venture, in the purchase of 1314 South Broadway Street in Pittsburg, KS. 1314 South Broadway Street is the Ideal single-tenant absolute triple-net (NNN) investment opportunity building with approximately 2,970 square foot retail, offering a 15-year lease with attractive 10% rental increases every five years. The Property is strategically positioned on the western side of US Route 69, just south of downtown Pittsburg. It sold for $2,350,000 ($791.24 per SF) on 08/01/2019.
The Property is made up of ±2,970 rentable square feet on approximately 22,312 square feet of land. The tenant, JRI Management is the largest Freddy’s franchisee with +59 locations in 10 states. Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steak burgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. A privately owned and family-oriented company, their tasty menu items coupled with exceptional guest service and industry-leading cleanliness standards are why their guests make return visits.
The Property benefits from a great location just around the corner from Pittsburg State University, approximately 1-mile south of downtown Pittsburg. Pittsburg State is a fully accredited state university with more than 200 academic programs and approximately 7,000 students (Source: Pittstate.edu).
Approximately 1-mile south of the Property and within walking distance of the Pittsburg State University campus is Meadowbrook Mall & Meadowbrook Commons. Meadowbrook Mall is at near capacity with national and regional retailers including: AMC Theatres, JCPenney, Hibbett Sports, GNC, Gordmans, Maurices, Bath & Body Works, and many more.
About ICRE Investment Team
ICRE Investment Team is a full-service commercial real estate advisory team at Commercial Properties, Inc. (CPI) headquartered in Scottsdale Arizona specializing in investments in the office, retail, medical, and industrial sectors. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals and our highly personal approach to client service, ICRE Investment Team is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.
Learn more about ICRE Investment Team online at www.investingincre.com