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.
Restaurant
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.
ST. CLOUD, FLA. — NAI Realvest has brokered the sale of Buffet City restaurant and its 2.02-acre site, which is located at 4551 13th St. in St. Cloud. Local investment firm Sun Valley Eastern Investments acquired the 10,523-square-foot property for $1.49 million. Paul Partyka of NAI Realvest represented the seller, Sooner Investment or Sooner St. Cloud LLC of Melbourne, in the transaction. NAI Realvest's Kevin O'Connor and Matt Cichocki represented the buyer.
CHILLICOTHE, OHIO — An Ohio-based investor has purchased Tumbleweed Southwest Grill, which is located at 1150 N. Bridge St. in Chillicothe. Built in 2002, the property sold for $1.2 million. The property is absolute triple net leased to the restaurant with approximately 9 years remaining in the lease. Dan Cooper of The Cooper Commercial Investment Group represented the buyer and the sellers, a Minnesota-based net lease property fund, in the transaction.
KANSAS CITY, MO. — A Chicago-based private investor has acquired a triple-net leased property, which is located at 8350 N.W. Roanridge Road in Kansas City, for $1.6 million. The 1.56-acre parcel contains a 5,738-square-foot building that is long-term leased to Chili's. Randy Blankstein of The Boulder Group represented the buyer; Eric Gonsher of The R.H. Johnson Company represented the seller, a Chili's franchisee, in the transaction.
SAN ANTONIO — Rare Hospitality International has purchased 1.71 acres of land from CR1604 Retail, LTD for a Longhorn Steakhouse restaurant at 5706 W. Loop 1604 North in San Antonio. Longhorn will be located in the Shoppes at Culebra shopping center. Hugh Ruggles of Texas/Southwest Group represented the buyer, while P.J. Pfieffer of Birnbaum Property Co. represented the seller.
ARLINGTON – Asian King Buffet has leased 9,092 square feet of space at the Carriage Plaza shopping center located at Interstate 30 and North Collins Street in Arlington. Scott Rose of the Retail Connection negotiated the lease with KC Cheah and Shirley Tan of Pacific Century Realty.
WEST VALLEY CITY, UTAH — TRI Commercial/CORFAC International has brokered the sale of an IHOP restaurant located at 3383 Decker Lake Drive in West Valley City. Listed for more than $2.32 million, the property encompasses approximately 4,114 square feet and 63 parking spaces. TRI Commercial/CORFAC International’s Robert King represented the seller, WB Equities, in the transaction, and Commerce Real Estate Solutions’s Mary Street represented the buyer. The tenant has more than 17 years remaining on the primary lease term.