Darin Gosda of Betz Commercial Brokerage Inc. in Houston tells GlobeSt.com that the restaurant closed its doors in September 2001 after 32 years at 1104 Spanish Trail. American National Insurance, headquartered in Galveston, had offers in hand and decided to sell rather than find another tenant.
McDonalds Corp. had the site under contract for about a year before the deal collapsed, Gosda confides. But in the end, it paid off since the land's value shot up as the development path of the light rail system was firmed up and Houston Medical Center continued its strong growth patterns. As a result, the asking price increased from $850,000 to $900,000, he explains.
Gosda says interest ran high, with a handful of would-be buyers putting serious offers on the table. A restaurateur, an existing tenant in the Medical Center, won the face-off for the retail-zoned location. The plan is to raze the Steak-n-Ale, build a new structure for a deli and restaurant and exit leased retail space in the Medical Center.
Gosda represented the seller. Claude Angelo of Belt International Realty in nearby Katy negotiated the terms for the buyer. Janet Karr of Chicago Title handled the closing.
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