HMB Investments LLC of Woodland Hills, CA came away with the4,694-sf restaurant at 2971 John Ben Sheppard Pkwy. in Odessa and5,525-sf IHOP at 4302 College Hills Blvd. in San Angelo. "This wasa rare situation in which one buyer wanted two properties," saysJamie Medress, senior investment associate with Marcus &Millichap Real Estate Investment Services in Phoenix. "They came tous before the properties hit the market and we figured it was agood fit."

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Medress adds that the buyer acquired the restaurants with 1031exchange proceeds from an industrial property sale in California.Andrew Perris of Panorex Commercial, also Woodland Hills,represented the buyer.

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Medress says two other buyers are negotiating for IHOPrestaurants in Midland at 2507 W. Loop 250 N and 301 E. Interstate20. The deals are anticipated to close in 90 to 120 days. Theremaining asset is a 4,666-sf IHOP at 3750 S. Clack St. in Abilene,which is being marketed for $2.87 million. "The seller's goal is tohave the entire portfolio sold by the end of the year," Medresssays.

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Medress tells GlobeSt.com that Phoenix-based Romulus Inc.acquired the portfolio earlier in the year from the original WestTexas franchisee, with the intent of a very short-term hold. "Theyrestructured the deals a little then put them back on the market,"he says.

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The restaurants are a little more than 10 years old. Medresssays the franchisee leases average 15 years. The base rents rangefrom $43 per sf to $46 per sf.

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