Marcus & Millichap brokered the sale of 222 W. Grand Parkway, a net-leased Fogo de Chao restaurant in Katy, Texas. The asset sold for $7.5 million, or $874.84 per square-foot.
Alvin Mansour and David Kern, investment specialists in Marcus & Millichap’s San Diego office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer was a California-based investor completing an all-cash 1031 exchange.
Built in 2017, the 8,573-square-foot Fogo de Chão is situated on 1.5 acres near the Interstate 10 and State Highway 99 interchange in Katy. The property is located near Costco and other national retailers, restaurants and residential developments in the heart of the Katy submarket, part of the Houston-The Woodlands-Sugar Land metropolitan area. The property is subject to a long-term triple-net lease with more than 13 years remaining. The buyer plans to hold the property as a long-term investment.
