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MESA, AZ-The $1.7-million sale of a 4,000-sf, net-leased sushi restaurant has broken records in the Valley. A 1031 exchange buyer from San Diego has paid $433 per sf for the Ichi Ban restaurant in a sale-leaseback deal.
The May Yun Sun Family Trust acquired the 11-year-old building at 2015 S. Alma School Rd. from Kaye Woo, Ichi Ban's operator and owner. The deal was struck with a 15-year lease at a rate in the low $30 per sf range.
"The buyer is also a restaurateur so they know the true value," Todd Trickle, a triple net specialist with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, tells GlobeSt.com. "That amount is the highest ever for a non-national credit tenant." He says Woo plans to use the proceeds to build another Ichi Ban restaurant in the East Valley.
According to Trickle, the restaurant received multiple offers because it's located at a hard corner of Alma Road. "This is one of the best intersections in the East Valley," he adds.
May Yun Sun Family Trust is turning around gain from a multifamily property in Southern California. The buyer also secured an $850,000 loan from the Bank of the Internet to acquire the restaurant, Trickle says.
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