The buyer placed the contract within hours of the property coming to market, says his broker, Mark Klein with Re/Max Premier Commercial in Dallas. Brinker International Inc., headquartered in Dallas, holds a 10-year lease with extension options for the site."The day it hit the market, I corralled it," Klein tells GlobeSt.com. "A Brinker-guaranteed ground lease, those things don't last long."
Chicago-based Boulder Group listed the stucco-and-stone, class A building at $2 million for the developer of record, Moore Plaza Partners of Dallas. Klein says the buyer, eyeing other retail sites in the metroplex, made the close with a bridge loan, but now is seeking permanent financing for the investment play.
Klein says the restaurant is 80% finished, setting up timetable for an April opening. It will replace a nearby long-time Chili's that reportedly has been sold in anticipation of the slight move north on Central Expressway to a developing retail enclave with several brand-new restaurants, an under-construction WingStop eatery and recently opened Krispy Kreme.
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