A single franchisee for Hooters and the Moon Saloon signed a 20-year, triple net lease on the 16550 N. 83rd St. building three years ago. Lease amounts are not readily available. The seller, Jeffrey D. Boyd of Eureka, CA, acquired the building, set on 1.5 acres, shortly after it was completed, but opted to sell because "he was looking to capitalize on the aggressive cap rate market," says Jamie Medress with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. He and Steve Gonzalez represented the seller while Tigg Mitchell of Wilson Properties in San Francisco negotiated for the buyer, Daren Weckerly of WWL Holdings LLC in Spring Valley, CA.
Medress tells GlobeSt.com that the buyer's willingness to pay cash placed him above the other five offers that came in during the two-month marketing period. "It was a relatively quick deal because it was cash," he says, "and that made it a strong offer."
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