TUCSON-A local development company has hawked the last of three build-to-suits for the Fox and Hound restaurant chain to a California investor for about $2.72 million. The sweet spot of the deal is the 17-year term remaining on the restaurateur's lease for the 9,638-sf building.
Steve Grady and David Church, partners in Fox and Hound Tucson Group LLC, turned over the building at 7625 N. La Cholla Blvd. to Jiaire Orfali of Glendale, CA, who was up against eight other would-be buyers for the three-year-old building. Fox and Hound is a small chain of independently owned bar and grill restaurants.
"The buyer had already seen the property. He did a quick due diligence and he was competitive. He took the property at the offering price," Jamie Medress, senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, tells GlobeSt.com. Medress, teaming with the brokerage house's Steve Gonzalez, represented the seller while Vince Kalachian of Coldwell Banker Commercial in Phoenix negotiated on the buyer's behalf.
Medress says the developers built three restaurants for Fox and Hound in the Phoenix area. In March, the Gilbert restaurant was sold. "The third one in Phoenix had been built and sold a few years ago," Medress says, adding it takes about one year to develop each location.
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