The freestanding drive-through eatery, on the market less than a week, drew the interest of four prospective buyers but it was the $350,000 bid by Colleen M. Fochetti of Millbrae, CA, that got the deed to the 8930 N. 7th St. restaurant.
"What sold it was the very high-traffic counts and the excellent business volume that the tenant was doing," Michael Hackett with Marcus & Millichap in Phoenix tells GlobeSt.com. "The buyer felt comfortable with the tenant being there for a long time so it made a lot of sense."
The restaurant, which has been at the same location for 10 years, recently renewed its lease for five years with an option for another five years, Hackett said. Seller Premier Partners Inc. of Phoenix was assisted in the transaction by Hackett. The buyer was represented by Tim Rios, also with Marcus & Millichap in Phoenix.
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