Atlanta, GA (October 30, 2017) – Sands Investment Group has announced the net lease sale of three vacant restaurant properties, formerly occupied by Ryan’s Steakhouse. The parent company of Ryan’s Steakhouse restaurants had filed for bankruptcy, leading to vacant locations.
SIG Founder and CEO Chris Sands and Managing Director Andrew Ackerman represented the seller Spirit Master Funding VII, LLC in the highly-targeted transactions.
“The marketing strategy on these assets was slightly different because it had to be tenant-focused,” said Sands. “We needed to find a user for each property who understand the restaurant industry as opposed to the more common 1031 exchange buyer.”
At SIG, teams focus on product categories to provide the highest expert advice possible. “This transaction demonstrates why this strategy of product type specialization matters. We can leverage our product-type relationships and know what operators are looking for when buying existing assets. In this case, we were able to locate buyers from out of the market to encourage our local buyers to pay a premium over what they originally offered.”
The sales included:
- A 10,942-square-foot building built in 2005 located at 126 Highway 400, Dawsonville GA sold to 400 Ryan Property LLC- Sau Ping Kwok for $915,000
- A 10,942-square-foot building built in 2003 located at 1228 N. Westover Blvd, Albany GA sold to Steel City Corral Properties, LLC for $925,000
- A 10,942-square-foot building built in 2002 located at 55 Pace Court, Hiram GA sold to James Seon Woo Lee and Hyung O. Lee for $955,856.57
According to SIG, the buyers plan to use the buildings as restaurants and will simply retrofit the existing properties.
“It made sense for the owner/investor to sell the assets as they were not set up to own vacant buildings in secondary and tertiary markets,” added Ackerman.
About Sands Investment Group: Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 1,100 transactions worth more than $3 billion in 48 states. Advisors with the company currently have over $600 million in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experience in net lease, retail, office and industrial transactions is unparalleled. Sands Investment Group has offices in Charleston, SC, Santa Monica, CA Atlanta, GA, and Austin, TX. Learn more at www.signnn.com.