Arizona Sandwich Company

Arizona Sandwich Company signed a 10-year lease to operate on an outparcel to Motel 6. The base rent was $24.00/s.f. 24th street was an opportunistic acquisition by Bedrock Investments Group (BIG) partners and an investor. The building was a former Waffle House converted to office use for an engineering firm with a substantial SBA loan in 2007/2008. Wells Fargo Bank foreclosed on the property on September 15, 2011 following a write-down of the loan to $197,500.00. The property was marketed at $250,000.00 following foreclosure. Following an extensive market study, BIG principals determined that the building should rent for $19,656.00 annually ($1.00/sf/mo NNN). The lease-up period was anticipated to be 12-18 months. The building is located at the west end of the Sky Harbor International Airport runway on 24th Street, ½ mile from the car rental center and less than ¼ mile from the I-10 freeway and light rail. The parking area is significant with 20+ spaces or 1/81 sf of building area.