Marcus & Millichap brokers $7.5 million sale of net-leased Fogo de Chao restaurant in Katy, Texas - MMI News | RalliesMarcus & Millichap brokers $7.5 million sale of net-leased Fogo de Chao restaurant in Katy, Texas
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MMI• Marcus & Millichap brokers Katy, Texas restaurant sale
- Marcus & Millichap brokered the sale of a net-leased Fogo de Chão restaurant property in Katy, Texas for $7.5 million.
- The deal valued the 8,573-square-foot asset at $874.84 per square foot; the restaurant was built in 2017 on 1.5 acres.
- The buyer was a California investor completing an all-cash 1031 exchange; the seller was a developer.
- The property carries a triple-net lease with more than 13 years remaining; the buyer plans to hold it long term.
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