6335 N 16th St
Phoenix, AZ 85016
Richardson's Sale Leaseback · Retail Property For Sale

Cushman & Wakefield is pleased to offer to qualified investors a new, 10 year absolute NNN investment leased to Richardson’s & Rokerij, two famous Arizona restaurants on one iconic property. The new 10 year lease has annual rental increases and no landlord obligations. The asking price is $5,500,000, which equates to an average CAP rate of approximately 6.59% for the term of the lease. Richardson’s and Rokerij are both owned and created by Richardson Browne and are currently operating in Phoenix, Arizona. The founder of both restaurants also owns the bar and restaurant known as Dick’s Hideaway off 16th St and Bethany Home. The lease will be set up with attractive 2% annual increases with 2, five year, renewal options. The sale includes Richardson’s, Rokerij, their shared patio, and the C Store on the northern portion of the property. The C Store Is currently used as storage and food prep but has the potential to provide additional revenue. The North Central Phoenix location is located near the affluent Phoenix Biltmore and Paradise Valley submarkets. Within a 5 mile radius, the existing residents are forecasted to spend in excess of $452,000,000 (esri) at restaurants and $74,000,000 (esri) on alcoholic beverages. In addition, 28% of the population in a one mile radius dine out at a family restaurant/ steak house more than once a week. Some of the major employers nearby are Merrill Lynch, UBS Financial Services, Gallagher & Kenney law firm, and Blackrock Financial Management. The proximity to the 51 freeway has also enabled these restaurants to be highly successful and stable since 1988.