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MESA, AZ-A popular Mexican restaurant has sold a two-building property in Mesa, but will continue to remain a tenant under a $2.7-million, all-cash sale/leaseback that gave the restaurant owners enough cash to open a second establishment.

Dennis and Lizabeth Sirrine of Mesa cut the deal for their Rancho de Tia Rosa eatery and an adjacent taco shop at 3129 E. McKellips Rd. to Hacienda Eldorado Ranches Inc. of Gilbert. The Sirrines will keep the restaurant intact under a 20-year, triple net lease with two five-year renewal options, Christopher Doty with Marcus & Millichap tells GlobeSt.com.

“It was a good fit all around,” Doty says, noting the seller is thinking of using the proceeds from the sale to open a second Mexican restaurant in the area. Developed two years ago, the property consists of two freestanding buildings comprised of 6,000 sf and 2,000 sf. Doty represented the seller in the transaction while Doug Fielding, also with Marcus & Millichap, handled the transaction for the buyer.

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