A Chili’s Grill & Bar property in Tulare has sold for nearly $2.23 million, according to commercial real estate brokerage firm Marcus & Millichap.
The 6,102-square-foot restaurant at 1292 E. Prosperity Ave. sold for nearly $2.23 million, or $365.12 per square foot.
Eddie Nelson II and Ed Nelson, investment specialists in Marcus & Millichap’s Sacramento office, represented the sellers, Kevin and Estella Ferguson, and secured the buyer, Jarmideo LLC.
Built in 2006, the restaurant sits on a 1.4-acre parcel along Prosperity Avenue, a retail corridor near Walmart and Home Depot that sees about 20,378 vehicles a day.
The property operates under a triple-net ground lease, which generally requires tenants to cover property taxes, insurance and maintenance expenses. The lease includes a five-year renewal option with a 10% rent increase.
“This transaction provided the buyer with an opportunity to acquire an income-producing property leased to a nationally recognized restaurant brand,” Nelson II said.
Nelson II also cited Chili’s strong sales performance, nearby national retailers and Tulare’s population growth as factors supporting continued retail demand.
