Roeser Plaza 5217-5233 S Central Ave 24,660 SF 100% Leased Retail Building Phoenix, AZ 85040 $3,575,000 ($144.97/SF) 6.74% Cap Rate

Dairy Queen is a quick-service restaurant brand specializing in soft-serve frozen desserts and a complementary hot-food menu. The company was founded in 1940, following the development of a soft-serve ice cream formula by John Fremont McCullough and Alex McCullough, with the first store opening in Joliet, Illinois. Over time, the brand expanded through a franchise-based model and introduced signature menu items such as the Blizzard treat, which became a defining product category for the system. In 1962, the organization was formally structured as International Dairy Queen, which oversees brand development, franchising, and system support. In 1998, International Dairy Queen was acquired by Berkshire Hathaway, and the company has since operated as a privately held subsidiary of the conglomerate. The brand has continued to evolve through menu diversification, international market entry, and store design updates.

Subway is a privately held American quick-service restaurant brand founded in 1965 by Fred DeLuca and Peter Buck in Bridgeport, Connecticut. The company began as Pete’s Super Submarines before adopting the Subway name in 1968 and later expanding through franchising in the 1970s. Its global headquarters operations now include a dual-headquarters structure, with Connecticut serving as the central location for key business functions. The organization relocated its Connecticut headquarters to Shelton, establishing its presence at 1 Corporate Drive as part of a strategic workplace modernization effort. Subway has grown into a major global restaurant brand operating tens of thousands of franchised locations worldwide. The company is owned by Roark Capital Group following its acquisition, and its franchise-based model continues to define its business structure. Over the decades, Subway has emphasized menu evolution and operational adaptation, reflecting changing industry conditions and consumer preferences. The brand remains focused on systemwide consistency and support for its network of franchise operators.