TACOMA, WASH. — Marcus & Millichap has facilitated the nearly $1.87 million sale of a 3,723-square-foot Burger King, located at 1420 72nd Street East in Tacoma. Constructed in 2002, the single-tenant, net-leased property sits on a 0.69-acre parcel. Marcus & Millichap’s Peter Nisbet represented the private-investor seller in the transaction.
Restaurant
PALO ALTO, CALIF. — Marcus & Millichap has presided over the $2.5 million sale of a 4,400-square-foot restaurant property, located at 420 Ramona Street in downtown Palo Alto. The building is currently occupied by Mandarin Gourmet, which has been in operation for more than 18 years. Marcus & Millichap’s J.J. Taughinbaugh represented both the limited-liability-company buyer and the private-investor seller in the transaction.
ALGONQUIN, ILL. — Haddigan Capital has acquired the fee ground lease interest of a KFC restaurant site at 415 S. Randall Road in Algonquin. The acquisition includes the fee interest in a ground lease to YUM Brands with its KFC concept as a tenant. Bernard Haddigan, principal of Haggidan Capital, acquired the property as part of a dividend oriented fund, which he is managing. Terms of the transaction were not released.
DEL MAR, CALIF. — On behalf of Mia Francesca Restaurant and its partner, Davanti Enoteca Wine Bar, Location Matters Brokerage Services has facilitated an approx. $2.88 million lease at 12955 El Camino Real within the newly renovated Del Mar Highlands Town Center. Represented by Location Matters’ Michael Spilky, the tenants signed a new 10-year lease for a combined 5,020 square feet of restaurant space, including approximately 2,540 square feet of outdoor seating. Phil Lyons of Cassidy Turley BRE Commercial represented the lessor in the transaction. Location Matters Development Services has been awarded the contract for the complete planning, design and construction of the restaurant property.
CLEBURNE — A 4,780-square-foot Applebee's restaurant, located at 216 W. Katherine P. Raines Rd. in Cleburne, has sold for $2.4 million. Philip Levy and Jason Vitorino of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, as well as the buyer, an individual trust.
LAS VEGAS — The PENTA Building Group has completed work on the 13,000-square-foot PBR Rock Bar & Grill, located inside Planet Hollywood’s Miracle Mile shops on Las Vegas Blvd. The general contractor completed the project in 6 weeks. Serving fare categorized as “modern comfort food,” the new facility features a 30-foot bull that busts through the exterior façade, approximately 100 televisions, a custom patio with fire pits overlooking the Las Vegas Strip, a DJ booth, a concert stage and a mechanical bull.
CHANDLER, ARIZ. — Marcus & Millichap has brokered the $2.1 million sale of a 5,687-square-foot IHOP, located at 935 West Elliot Road in Chandler. The brokerage firm’s Jamie Medress and Mark Ruble represented the developer/seller of the single-tenant, net-leased property.
LAS VEGAS — CB Richard Ellis’ Bob Miller represented JMF Properties LLC in its $2 million sale of an approximately 2,375-square-foot restaurant building, located at 2512 E. Sunset Road in Las Vegas. Genevieve Las Vegas Properties LLC purchased the former Taco Bell location.
FT. LAUDERDALE, FLA. — Kalik LLC, a Buenos Aires, Argentina-based restaurant operator, has acquired a 12,700-square-foot property located at 3300 E. Commercial Blvd. in Ft. Lauderdale. Built in 1970, the vacant, waterfront property sold for $5.5 million. Peter Filomena of Reichel Realty & Investments represented the seller, Stan's on the Water Inc., representatives of the Gus Boulis estate, in the transaction.
LAS VEGAS — Faris Lee Investments has completed the $1.835 million sale of a 2,857-square-foot Jack in the Box, located at 9360 W. Tropicana Ave. in Las Vegas, to San Diego-based A. Mashayekan Trust. The fast-food restaurant property was built in 2002. Faris Lee’s Jeff Conover represented the seller in the all-cash transaction.