California Investor Acquires Fogo De Chão Restaurant In Katy Texas For $7.5M

This transaction involves the sale of a retail property located at 222 West Grand Parkway South in Katy, TX. The asset spans 1.5 acres and consists of an 8,573-square-foot Fogo de Chão restaurant. The sale price was $7,500,000, equating to $875 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $7,500,000
• Square Footage: 8,573
• Price per Square Foot: $875
• Address: 222 West Grand Parkway South
• Market: Katy, TX
• Buyer: California-based investor
• Seller: Developer
• Lease Type: Long-term triple-net lease
• Lease Duration Remaining: More than 13 years
• Buyer Transaction Type: All-cash 1031 exchange

The brokers who represented the deal were Alvin Mansour and David Kern of Marcus & Millichap. The sale showcases the involvement of a seasoned team in a significant transaction in the retail market, emphasizing the strategic alignment between the buyer's investment goals and the seller's development expertise.