(For more retail coverage, click GlobeSt.com/RETAIL.)
PHOENIX-A California investor has picked up a second restaurant site leased to El Pollo Loco in the metro, paying $1.8 million in a deal that closes out a six-property portfolio sale by Arizona Colorado Enterprises LLC of Santa Barbara, CA.
The restaurant at 6535 W. Indian School Rd. was acquired by Levert R. Patterson, representative for the Los Angeles-based Patterson Family Trusts. In recent months, the trust also bought the El Pollo Loco along McDowell Road. On average, the eateries are about 3,000 sf apiece.
According to Jamie Medress, senior investment associate of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, six offers were received for the Indian School Road property, but the buyer stood out because of the previous relationship with seller Joe Ladin. In addition, the buyer was toting proceeds from a 1031 exchange. "He was already a landlord so he was a good prospect," says Medress, who with Marcus & Millichap's senior investment associate Steve Gonzalez brokered both sides of the deal.
Medress tells GlobeSt.com that it took about a year to dispose of the seller's entire El Pollo Loco inventory. "There was a loan to be paid off so we had to sell these in a particular order, which is why it took so long," he says.
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