"It's a good quality buyer with good representation on his side," Chris Doty, an associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. "We had a reasonable seller and the buildings 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 days and went in and out of escrow twice, according to Doty. Of five offers, buyer Chang Li Restaurant LLC of Walnut Creek, CA, met the ask 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 options with the seller. Rent is $72,000 a year, increasing by 7.5% every five years.

The deal is one of six sale/leasebacks planned to help raise capital to retire debt, says Doty. He's already negotiated four deals for the seller, with a fifth expected to close this week and a sixth still up for grabs. Tim Rios of Marcus & Millichap represented the buyer.