The 83rd Bird LLC of Eureka, CA, grabbed the title to the 16550 N. 83rd Ave. eatery by coming the closest to the $2.7-million asking price placed on the property by Dallas-based Restaurants of America. "It was a pretty quick transaction from start to finish," Jamie Medress of Marcus & Millichap's Phoenix office tells GlobeSt.com of the deal.
Medress said interest in the 7,000-sf property was high because of its prime location near Peoria's sports complex and the Loop 101 and the restaurant's 20-year lease. The newly built restaurant opened a month ago.
"Single-tenant properties are hard to find and when you find a good one, it sells quickly," said Medress, noting that investors with 1031 Exchange proceeds are putting sales pressure on long-lease, single-tenant owners with high money offers and quick closing terms.
Medress and Steve Gonzalez, also with Marcus & Millichap, represented the seller. Jeff Boyd of Boyd Realty & Investments of Phoenix brokered on the buyer's behalf.
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