Lee & Associates Negotiates Two National Convenience Food Transactions
ARTESIA, New Mexico/NORTH BEND, Oregon—July 7, 2014—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed on two convenience food transactions involving Pizza Hut and Kentucky Fried Chicken.
Al Apuzzo, Matt Weaver, and Patrick Miller, of Lee & Associates – North San Diego County, who brokered both deals, represented the buyer, Strum Family, LLC. The $1.350 Million sale involved a 3,352 square-foot Pizza Hut building located at 1911 West Main Street in Artesia, New Mexico. The 15-year multi-unit franchisee sale-leaseback sold at a 6.42 percent cap rate. Justin Zahn, of Commercial Investment Advisors, represented the seller, La Raza Pizza, Inc.
In the Oregon deal, Apuzzo, Weaver and Miller represented the buyer, Strum Family, LLC, in the $1.3 million sale of a 1,989 square-foot Kentucky Fried Chicken building located at 2273 Newmark Street in North Bend Oregon. The property sold with a 6.5% cap rate as a 20-year leaseback with a franchisee that operates 70 locations between three entities. Aaron Hines of Marcus & Milichap represented the seller, S&H Inc.
About Lee & Associates
Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin. With more than 750 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information is available at www.lee-associates.com.