SURPRISE, ARIZ. — Marcus & Millichap has brokered the $6.2 million sale of a portfolio of single-tenant, NNN ground leases in Surprise. The portfolio of ground leases, consisting of four properties leased to Chili's, Olive Garden, Red Lobster and U.S. Bank, encompasses approximately 5.05 acres of land. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
Restaurant
TACOMA, WASH. — Marcus & Millichap has closed the nearly $1.87 million sale of a 3,723-square-foot Burger King, located at 1420 72nd Street East in Tacoma. The brokerage firm’s Peter Nisbet represented the seller, Emerald Land Assets LLC, in the transaction, and Sean Shiau of GLC RE Group represented the buyer, Emerald CT Investment Corp.
ALBUQUERQUE, N.M. — NAI Maestas & Ward Commercial Real Estate’s Jim Hakeem represented Twisters in the purchase of a 25,000-square-foot parcel of vacant land in the retail center located near the northwest corner of Paseo del Norte and Wyoming in Albuquerque. Terms of the deal were not disclosed. According to NAI Maestas & Ward, the acquisition will accommodate the fast-casual restaurant company’s 15th location.
MESA, ARIZ. — Marcus & Millichap has negotiated the $2.05 million sale of a ground lease for a 6,483-square-foot P.F. Chang's China Bistro located at 6610 E. Superstition Springs Blvd. in Mesa. The single-tenant, net-leased property is situated near the 1.2 million-square-foot Superstition Springs Mall. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the private-investor seller in the transaction.
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.
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.