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| Logan's Roadhouse Restaurant, 3060 West Sand Lake Road, Orlando, FL |
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| Barry M. Wolfe |
ORLANDO, FL – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, today announced the
sale of Logan's Roadhouse, a 7,995-square foot net-leased property located in
Orlando, Fla., according to Ryan Nee, regional manager of the firm’s Fort
Lauderdale office. The asset sold for $3,800,000 equating to $475 per square
foot.
Barry M. Wolfe,
a first vice president investments, Alan
Lipsky, an associate, and Howard
Bregman, a senior associate, all in Marcus & Millichap’s Fort
Lauderdale office, had the exclusive listing to market the property on behalf
of the seller, a private investor from Toronto, Canada. The buyer was a limited
liability company from Miami.
“Strong investor demand
for triple-net-leased Orlando properties has created bidding competition and
allowed the average sales price per square foot to rise 2.9 percent to $390 per
square foot over the past year. This is nearly 25 percent higher than other
Florida metros and more than 50 percent higher than the U.S. average,” says
Bregman.
“We received multiple
offers on Logan’s Roadhouse and it ultimately traded at $475 per square foot,”
says Lipsky. “The restaurant is located in a busy retail corridor and has more
than 14 years remaining on its lease. It’s an excellent long-term investment
for the buyer.”
The 7,995-square foot
restaurant was built in 1999. Logan's Roadhouse is located at 3060 West Sand
Lake Road. It is less than six miles
from SeaWorld and Universal Studios, 10 miles from Walt Disney World and 11.5
miles from Orlando International Airport..
For a
complete copy of the company’s news release, please contact:
Ryan
Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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