Arizona Contractor & Community
Red Robin Joins Diversified Partners’ En Fuego Retail Development
Scottsdale-based brokers secure all-cash buyer at aggressive cap rate amid rising interest rates
A Red Robin restaurant has recently opened at the En Fuego retail development located on the Northwest corner of West Glendale and North 91st avenues in Glendale, Ariz., Walt Brown Jr., CEO and founder of Diversified Partners confirmed.
The all-cash buyer deal was exclusively listed by Marti Weinstein and Emma Barreca. The transaction was completed at an aggressive 4.7 cap rate in a climate of rising interest rates, making it a significant milestone for the Glendale real estate market. A cap rate is calculated by net operating income divided by the sales price of the asset. It shows the potential rate of return on a real estate investment.
“As interest rates continue to climb, we remain steadfast in our commitment to delivering superior options to our clients. We pride ourselves on securing value wherever possible, by staying on top of market trends," says Emma Barreca, one of the brokers who made the deal happen.
Marti Weinstein, another broker who played an essential role in securing the deal, added, "None of this would be possible without our friends at the city of Glendale."
En Fuego is situated across the street from the Westgate development and near a variety of outlets, restaurants and hotels. The new corporate Red Robin location will offer a fresh dining option to the densely populated area with over 100,000 residents within three miles and the nearly 85,000 daytime population within three miles.
This project is part of Diversified Partners' $100 million investment portfolio of commercial real estate projects on the west side of Glendale. Other projects include the North 91st Avenue and Cardinals Way retail development and the North 75th Avenue and West Bethany Home Road commercial space.
For more information and to view all projects in progress, visit www.dpcre.com.