Press Releases
Marcus & Millichap Arranges The Sale Of An On The Border Mexican Grill In Westland, Michigan
March 14, 2022Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a retail single-tenant sit-down restaurant located in Westland, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $3,500,000 or $580.91/SF.
Darin Gross, Ashish Vakhariya, and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the buyer. “The single-tenant restaurant recently spent $1.5 million in renovations, a complete overhaul/remodel for the existing building in 2016. The transaction resulted in a contract-to-close timeframe of 37 days with buyer financing.”
The property was occupied by On The Border Mexican Grill, a Tex-Mex restaurant chain with over 150 locations in the U.S. and South Korea. The asset is well positioned in a densely populated trade area and is an outparcel to West Ridge Shopping Center anchored by Target, Burlington and Bed Bath & Beyond.
In the past twenty-four months, Darin Gross, Ashish Vakhariya, and Seth Haron have sold or have under contract to sell, $143 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
