MESA, AZ-An area investor, meeting the $1.3-million list, will transform a 16-year-old, 5,701-sf Seafood Market into a new eatery concept.

According to Chris Doty with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, the 1910 S. Gilbert Rd. property was acquired by a local restaurateur interested in expansion. "He bought this for an investment and for the opportunity to put in his own concept, about six months or a year down the road," Doty tells GlobeSt.com. MEV Properties LLC is the buyer of record.

The local seller, Seafood Market & Restaurant Inc., will stay open for another six months under a sale-leaseback agreement. Todd Trickle, also with Marcus & Millichap's Phoenix team, represented the seller.

Doty says the transaction is the buyer's second venture in the area, with the other eatery in leased space. "This location is terrific. It's a very high-traffic area in Mesa," he adds. "It's terrific for mainstream traffic." The 1.12-acre tract takes up the northwest corner of Gilbert and Baseline roads near a shopping center anchored by Amazing Jake's, a family-oriented restaurant and arcade concept. "It attracts a lot of customers, which is good for the buyer," Doty points out.