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BROWNSVILLE, TX-A California investor has paid the full asking price of $1.6 million for a two-year-old restaurant leased for the long term to Jack in the Box Inc. in the Texas-Mexico border town of Brownsville.

The private investor, Linda Wester, used 1031 Exchange capital to purchase the 2,881-sf building at 2150 Paredes Line Rd. Jessica Zahn in the Phoenix office of Marcus & Millichap tells GlobeSt.com that the San Diego-based restaurant chain holds a 15-year lease for the building, constructed in 2001 on a 20,000-sf tract.

Zahn represented the seller, Blackburn Properties of San Antonio, which had the property on the market for about two months. She says the listing attracted three offers for Blackburn, the site’s developer and most oft considered a merchant builder. The Cameron County Appraisal District pegs the property’s assessment at $557,541.

Mark Oller of Grubb & Ellis Co.’s Fresno, CA office represented the buyer. Details about the 1031 Exchange were not available before publication time.

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