"It was a quick cash deal. It was good timing and the fact that there was no financing helped," Jamie Medress, a senior associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. "Most people who buy these hold them for a long time."
Edwin Thorp purchased the restaurant at 1715 S. Power Rd. from Arizona Colorado Enterprises LLC of Santa Barbara, CA, after a one-month run on the open market. Medress says three bidders vied for the property, but Thorp won with a full-price offer and ability to close with cash in hand.
In turn, a 14-year lease at $40.45 per sf annually was closed with the seller, who also secured a 10-year option with the sale/leaseback. The restaurant, built in 1998, sits off US Highway 60.
Medress and Steve Gonzalez, also with Marcus & Millichap, represented the seller. George Renz of Gilroy, CA-based Renz & Renz negotiated the deal on behalf of the buyer.
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