Texas Roadhouse at 5309 Route 9 in Howell — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has acquired a 7,100-square-foot, net leased restaurant property in Howell for $3.1 million, brokers with Marcus & Millichap announced Friday.
The firm said it represented a developer in its sale of the Texas Roadhouse building at 5309 Route 9. The private buyer purchased the site as part of a 1031 exchange.
Karly Iacono, an associate director of Marcus & Millichap’s National Retail Group, handled the assignment on behalf of both parties, noting that the property is subject to a 15-year triple net ground lease with the operator and offers a corporate guarantee.
“The seller was pleased to achieve a very aggressive cap rate on the deal while the buyer was very happy to secure a new construction net leased asset in a supply-constrained market,” Iacono said in a prepared statement. “It was a win all around.”
The property is surrounded by national retailers including Lowe’s, Target, LA Fitness, ShopRite and Hobby Lobby.
