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Net-Leased Retail Site Corners $2M

MESA, AZ-An El Pollo Loco franchisee gets $1.8 million in cash for a 3,004-sf eatery along South Powers Road by signing a 14-year lease with a 10-year option to secure the transaction. The asset trades at full list price to the highest of three offers.

By Lee Simmons | Updated on June 22, 2004

MESA, AZ-A Greenfield, CA-based investor, banking on the long-term income from a strong-performing property, shells out $1.8 million for a 3,004-sf restaurant along South Power Road. The all-cash deal swung on a leaseback to the El Pollo Loco franchisee.

“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.

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