BUYER: Brandon Retail DST (National Retail Portfolio II Exchange LLC and The Corporation Trust Co.), Oak Brook, Ill.
SELLER: US Real Estate Limited Partnership
PROPERTY: 804 Providence Road, Brandon
PRICE: $2.89 million
PREVIOUS PRICE: $1.04 million, October 2002
TITLE FIRM ON DEED: Chicago Title Insurance Co., Tampa
PLANS, DESCRIPTION: Inland Private Capital Corp., an affiliated company of Oak Brook, Ill.-based The Inland Real Estate Group of Cos. Inc., purchased the 7,045-square-foot Mimi's Cafe building for $2.89 million.
The price equated to $410 per square foot.
The Mimi's Cafe is in a freestanding building on the south side of the Brandon Town Center.
Bob Evans Farms Inc., owner and operator of the Mimi's Cafe restaurant chain, has a lease on the property obligating it to maintain the property and pay for insurance and property taxes. A little more than 13 years remains on the lease agreement, which allows for rental increases every five years.
“This property was acquired as part of a larger portfolio acquisition of long-term net leased properties across the country,” says Matt Bigham, vice president of Inland Private Capital. “We believe this Mimi's Cafe location is a great complement to the other properties in the portfolio, further diversifying our investment.”
The Mimi's Cafe unit of Bob Evans Farms Inc. operates 145 restaurants in 24 states.
The purchase entity Brandon Retail DST mortgaged the property to JPMorgan Chase Bank NA for $1.62 million.