"It's a good quality buyer with good representation on hisside," Chris Doty, an associate with Marcus & Millichap inPhoenix, tells GlobeSt.com. "We had a reasonable seller and thebuildings were priced accordingly."

Built in 1987, the 4,600-sf restaurant is located at 2620 W.Indian School Road. The property stood on the market for 30 daysand went in and out of escrow twice, according to Doty. Of fiveoffers, buyer Chang Li Restaurant LLC of Walnut Creek, CA, met theask and was able to close at an 8% cap rate in the all-cash deal.The buyer negotiated a 20-year lease with two five-year optionswith the seller. Rent is $72,000 a year, increasing by 7.5% everyfive years.

The deal is one of six sale/leasebacks planned to help raisecapital to retire debt, says Doty. He's already negotiated fourdeals for the seller, with a fifth expected to close this week anda sixth still up for grabs. Tim Rios of Marcus & Millichaprepresented the buyer.