The Boulder Group completed the sale of a single-tenant Fazoli’s at 3600 Merle Hay Road in Des Moines, Iowa, for $1.255 million.
The 3,350-square-foot Fazoli’s is positioned along Merle Hay Road, which is a dominant retail corridor. Retailers within the nearby shopping centers include Target, Kohl’s, Hobby Lobby, Burlington, Bath & Body Works, rue21, Old Navy, Ulta Beauty and more.
The restaurant makeup in the area is comprised of tenants such as McDonald’s, Buffalo Wild Wings, Chick-Fil-A and Chipotle. There are more than 208,000 people living within five miles of the property earning an average annual household income of $90,163.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction, who was a Texas-based real estate company. The buyer was a Midwest-based real estate investor.
Fazoli’s has more than10 years remaining on its lease.