PHOENIX-Following a two-week marketing period, a 2,464-sf fast-food restaurant has been sold to a 1031 exchange investor for $1.17 million.
Built in 1978, the Jack in the Box at 4119 N. 7th St. was acquired by Donald H. Woo Jr., principal in Woo Enterprises Inc. of Scottsdale. "The seller had this for about three years and wanted to take advantage of low cap rates and opportunity in the market," says Mark Ruble with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, who partnered with colleagues Jamie Medress and Steve Gonzalez to represent the seller, Mike Taraska of Calaz Oil Co. LLC in Phoenix.
Ruble tells GlobeSt.com that Jack in the Box, which had recently renewed its lease at the location for another 20 years, is paying $58,692 in rent annually. The asset sold for $4,000 less than the ask. Ruble says Woo beat out two other would-be buyers because it's a local company. Alfred Hackbarth of Marcus & Millichap Phoenix's office represented the buyer.
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