Ravinder Bainiwal and Sukhbirpal Bainiwal of San Jose, CA beat out more than 20 other bidders to purchase the eatery and neighboring property for just under the $1.2-million ask. Located at 14555 Grisby Rd. off Interstate 10, the restaurant, with seven years remaining on its lease is providing its new owners with a rent of $5,200 per month or 6% of sales, both triple net, according to the marketing brochure.
The new owners also plan to build a new restaurant on the remaining property. Groundbreaking plans and construction budgets are still being fine-tuned.
The buyers' willingness to take on the existing restaurant and the excess acreage was one reason why they appealed to the seller, GDDJ Grizzly Properties LP of Houston. "A lot of the offers we got were for the restaurant only. Not many wanted to take the extra land," says seller rep Bill Forrest of Sperry Van Ness' Houston office. "But these guys wanted the land. They want to build another restaurant."
Forrest tells GlobeSt.com that the restaurant and land were put on the market due to dissolution of the partnership, adding the turnaround time was fairly rapid on the deal. "We had it from market to under contract in less than 60 days," he says. Sperry Van Ness' Leah Forrest assisted with the direct deal.
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