Marcus & Millichap Arranges Sale Of Logan’s Roadhouse For $475 PSF

Dec 17, 2015 No Comments by

Marcus & Millichap announced the sale of Logan’s Roadhouse, a 7,995-square foot net-leased property located in Orlando, 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, less than six miles from SeaWorld and Universal Studios, 10 miles from Walt Disney World and 11.5 miles from Orlando International Airport.

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