Marcus & Millichap closed the sale of a 7,163-square-foot Texas Roadhouse ground lease in West Chester Township, Ohio. The asset sold for $2.549 million in an all-cash transaction, which equates to a 5.10 percent capitalization rate.
Numerous offers were received from prospective buyers.
Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a local private developer. The buyer, an out-of-state 1031 purchaser, was secured and represented by Marcus & Millichap’s Brooklyn, Manhattan, office.
Texas Roadhouse is located at 7309 Kingsgate Way in West Chester Township. The property is a brand-new construction Texas Roadhouse, with a 15-year absolute NNN ground lease. Texas Roadhouse is located adjacent to Interstate-75 within the affluent Cincinnati suburb of West Chester Township.