A Maggiano’s restaurant in Englewood sold to a buyer boosting its triple-net-leased holdings in the Denver metro market.
Meatball LLC paid $12.3 million, or $736.31 per square foot, for the Maggiano’s Little Italy at 7401 S. Clinton St. Maggiano’s Property Corp. sold the property, for which there is a 15-year sale initial lease term.
The acquisition is the latest by the buyer, which recently acquired four Red Lobster properties and one Olive Garden in the market.
“I find that my clients are taking advantage of the low interest rates and moving their equity buildup in multifamily into triple-net properties with long-term leases with strong tenants,” said Paul Zakovich, president of The Biltmore Cos., who represented the buyer.
“The market is strong,” added Zakovich, noting as well that the strong corporate guarantor and high-volume store coupled with the value of the 5-acre property along Interstate 25 drew the buyer. The building sold at a 5.75% cap rate.
John Feeney of The Boulder Group in Chicago and Daniel Barnes of Lee & Associates out of St. Louis listed the property, which was put under contract the first week it came onto the market.
The restaurant, built in 2002, is one of 58 locations across the country that Maggiano’s Property Corp. is starting to sell off to create cash for its restaurant concepts.