TEMPE, AZ-A Scottsdale restaurateur places $875,000 on the line for a 1990s-constructed single-tenant building. The plan is to convert the former Kustom Kar Inc. site into a Dos Gringos Bar & Grill.
The 3,800-sf building, which delivered its full ask, is located at 8000 S. Priest Dr. "The buyer has a chain of local restaurants here in town," says Steve Julius of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, "and he bought this because he liked the location. It fits very well for the target demographic."
Julius says the new owner plans to be open in about four months. "It's the general area he wanted to be in, with a lot of daytime employees. It should do well with the happy hour crowd," he says.
Renovations will include patio and kitchen additions. Rehab costs were not available.
Julius tells GlobeSt.com that seller, also from Scottsdale, disposed of the property because he moved the audio components business to a larger retail shop. The seller was represented by Mark Linsalata and Jeff Conrad with Phoenix-based Lee & Associates Arizona.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.