CONCORD, N.H. — Marcus & Millichap has brokered the sale of a 5,800-square-foot TGI Friday's located at 221 Loudon Road in Concord. The restaurant traded for $1.62 million at a 8.06 percent cap rate. TGI Friday's currently has 7.5 years remaining on a 10-year lease, which includes four 5-year renewal options with rent escalations. The Marcus & Millichap team of Robert Horvath, Adam Mancinone, Todd Tremblay and Blake Barbarisi represented the seller, Connecticut-based Crown Point Real Estate Investors. Emily McGranaghan of Boston Condo Group procured the buyer, Massachusetts-based 571-575 Broadway LLC.
PITTSBURGH; AND NEWARK AND TEANECK, N.J. — Marcus & Millichap has completed the sale of a 5,104-square-foot IHOP restaurant at 1002 Sutherland Drive in Pittsburgh for $2.98 million. Charles Krushansky of the firm's Pittsburgh office and Jamie Medress of the firm's Phoenix office represented the seller, RCDG-Robinson TC LP. Gary Lucas, also of Marcus & Millichap, assisted in the transaction. In addition, Marcus & Millichap's New Jersey office arranged the sale of a 41-unit apartment property located in Newark for $2.74 million. Christopher Rizzolo represented the seller, a private New Jersey investor. Rizzolo partnered wit Maz Radwan, also of Marcus & Millichap, to represent the buyer, another New Jersey investor. Finally, Jeffrey Oram of Marcus & Millichap's National Office & Industrial Properties Group represented Newton, Mass.-based Bank Street Investment Partnership in the sale of an approximately 16,500-square-foot office property located at 2-8 Washington St. in Teaneck. Oram also procured the buyer, locally based Penobscot Management. The acquisition price was not disclosed.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has handled the $2.45 million sale of a net-leased Romano’s Macaroni Grill located at 2510 Tenderfoot Hill St. in Colorado Springs. The Pinnacle Retail Group’s Tom Ethington, Rob Edwards and Justin Krieger represented the out-of-state seller, Cardinal Capital, in the transaction, and Henry Casden represented the buyer, Harkan Properties LLC.
CHANDLER, ARIZ. — Marcus & Millichap has brokered the $1.62 million sale of a 2,780-square-foot Taco Bell located at 2930 S. Alma School Rd. in Chandler. Marcus & Millichap’s Mark Ruble and Jamie Medress represented the seller, Pono LLC, in the transaction involving the fast-food restaurant property, which is an out-parcel to a Target-anchored center.
GARDENA, CALIF. — Marcus & Millichap has negotiated the nearly $1.5 million sale of a 2,752-square-foot Burger King located at 14311 S. Western Ave. in Gardena. Marcus & Millichap’s Dennis Weisberg, Peter Deltondo and Tyler Leeson represented the seller, a partnership, of the net-leased property.
HOUSTON — Three new restaurants have joined the lineup at CITYCENTRE, Midway Companies' $500 million, 1.8 million-square-foot mixed-use development located in downtown Houston. Austin-based Eddie V's Prime Seafood is entering the Houston market with a 10,500-square-foot location. Also entering the Houston market is Yard House, an upscale-casual American restaurant that opened an 8,532-square-foot location. Finally, San Francisco-based Straits Restaurant has opened a 6,000-square-foot location on the ground floor of Hotel Sorella. It is the Singaporean restaurant's first location in Texas.
CEDAR HILL, TEXAS — John T. Evans Co. has brokered the sale of a 4,700-square-foot restaurant building located in Cedar Hill. The building is situated on 1.12 acres at the intersection of Highway 67 and Belt Line Road, and it was formerly occupied by Bennigan's. The buyer is a local Japanese hibachi restaurant operator. Craig Johnson and Ben Johnson of John T. Evans Co. represented the seller, a Chicago-based investor. The acquisition price was not disclosed.
ELYRIA, OHIO — Centro Properties Group has leased 9,900 square feet of space to No. 1 Buffet Chinese Restaurant. The property is located at the corner of West River Road North and Midway Boulevard within Midway Crossing in Elyria. Avi Abroms provided in-house representation for Centro Properties Group, which owns the property. Terms of the lease were not released.
DAYTON, OHIO — Logan’s Roadhouse Restaurant has signed a lease for 6,500 square feet of space at South Towne Centre, which is located on Miamisburg-Centerville Road in Dayton. David Kozar of Indus Cos. represented the tenant; Elizabeth Houser provided in-house representation for the landlord, Centro Properties Group, in the transaction. Additional terms of the lease were not disclosed.
MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.