An entity tracing to Dharmendra Vemuri, Srikanth Gogineni and Ravi Kakarla acquired the property of a new Gravity Coffee at 2845 E. Baseline Road, Gilbert, on Feb. 28 for $2.23 million from an entity tracing to Robert Klepinger, according to commercial real estate website vizzda.com.
The purchase was done with $970,947.61 down and $1,314,052.39 in new debt with MidFirst Bank. The loan has a maturity date of March 3, 2034.
The property is a 796-square-foot retail drive-thru coffee shop that is one building with a double-lane drive-thru built in 2023 on 1.02 acres zoned general commercial. The shop opened in January.
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