Kissimmee, FL EXP Realty Advisors has arranged the sale of a 6,138 s/f net-leased Hooters property, located at 8207 W Irlo Bronson Memorial Hwy. for $4.325 million which represents a cap rate of 5.27%.
Andrew Greenberg of EXP Realty Advisors represented the purchaser.
The restaurant is located on Irlo Bronson Memorial Highway, which winds through several Disney theme parks and exposes the property to over 55,000 cars per day. The subject property is an out parcel to a Publix grocer and other surrounding retailers including: Target, Applebee’s, Olive Garden, Bahama Breeze, Panera Bread, T.J. Maxx, Dollar Tree, Texas Roadhouse and LongHorn Steakhouse. The area will soon also be home to the Jimmy Buffett’s 320-acre Margaritaville Resort.
The purchaser, a New York City based real estate investor who needed to complete a 1031 exchange.