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Record-Breaking Retail Sale Pulls $433 Per SF

MESA, AZ-The owner of the 4,000-sf Ichi Ban restaurant gets $1.7 million from a 1031 exchange buyer from San Diego. The seller, sealing the deal with a 15-year net lease, intends to use the capital to build a second restaurant in the East Valley, says the broker.

By Jennifer D. Duell | Updated on March 23, 2005

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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.

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