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Ojos Locos

Phoenix, Arizona

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Marcus & Millichap is pleased to present the exclusive net lease offering for an Ojos Locos Sports Cantina located at 9040 North Black Canyon Highway in Phoenix, Arizona. The subject property consists of approximately 7,385 rentable square feet and is situated on roughly 0.44 acres of land. The property features a 20-year absolute triple-net (NNN) lease that commenced on July 2nd, 2021. The current annual rent is $270,000 and the lease features rare two percent (2.00%) annual rental increases that will continue through four (4), five (5)-year options.

20-Year Absolute Triple-Net (NNN) Lease:The lease commenced on July 2nd, 2021, and has 19+ years remaining. The lease has no landlord responsibilities
Corporate Guaranty:The lease features a corporate guaranty from Crazy Eyes Holdings, LLC, the parent company of Ojos Locos
Attractive Rental Increases:The lease features rare 2.00% annual rental increases
Brand-New Construction: The property was constructed / opened for business in 2021

Key Details

Price:
$5,007,273
Cap Rate:
5.50%
Annual Rent:
$275,400
Address:
9040 North Black Canyon Highway, Phoenix, Arizona 85051
Property Type:
Net-Leased Restaurant
Lease Type:
Absolute Triple-Net (NNN)

Original Lease Term:
20 Years
Lease Commencement:
7/2/2021
Lease Expiration:
7/31/2041
Lease Term Remaining:
19+ Years
Rental Increases:
2.00% Annually
Lot Size:
+/-0.44 Acres
Building Size:
7 SF
Year Built:
2021
Tenant:
Ojos Locos

Talk to the pros

Glen Kunofsky

License: 49KU1129178

John Winslow

License: 10401334977

Broker of record

Ryan Sarbinoff

License: BR675146000


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