At least 15 prospective buyers took out their checkbooks to make offers on the 13635 N. 35th Ave. restaurant, many of them without even seeing the property. "There were people who wanted to make offers from out of state who didn't even see the real estate," Sanford Burstyn, who brokered the property for Marcus & Millichap, tells GlobeSt.com. "We don't encourage that."
But for a California doctor, it was worth the short flight to take a look at the prospective investment. "He came into town very quickly to do an analysis," Burstyn said of the buyer, Dr. Charles Graham III of San Juan Capistrano.
The trip paid off for Graham and his wife, Beverly, who plunked down the full list price of slightly more than $1.3 million in cash to take over ownership from seller Barnett - Taylor Restaurants Inc., of Phoenix. For the money, the couple got a restaurant with a solid tenant, an 18-year lease and a location adjacent to a busy North Phoenix shopping center.
For Burstyn, who represented the seller, and Chris Hopkins of CA Hopkins of Phoenix, the buyer's representative, the deal was over quickly. The restaurant was only on the market two months.
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