West Chester restaurant property sells for $2.55M

Texas Roadhouse opened last summer on Kingsgate Way in West Chester Township. NICK GRAHAM/STAFF

Texas Roadhouse opened last summer on Kingsgate Way in West Chester Township. NICK GRAHAM/STAFF
Business
By
Jan 18, 2018
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A West Chester Twp. restaurant property has sold for more than $2.5 million, a real estate investment firm said.

Texas Roadhouse, at 7309 Kingsgate Way, sold for nearly $2.55 million in an all-cash transaction, according to Marcus & Millichap, a California-based real estate investment services firm.

The restaurant is a 7,163-square foot net-leased property. “Numerous offers were received from prospective buyers,” the firm said in a release.

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Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, listed the property on behalf of the seller, a local private developer.

The buyer — identified only as an out-of-state purchaser — was represented by Marcus & Millichap in New York City.

The restaurant opened just last July, employing about 175 workers.

RELATED: Texas Roadhouse opens last summer in West Chester

The property has a 15-year “NNN” ground lease, a lease in which the tenant agrees to pay real estate taxes, building insurance and maintenance taxes. Such leases are often attractive to real estate buyers.

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Thomas Gnau is a business reporter who joined the Dayton Daily News in 2007. He has reported for daily newspapers in Ohio since 1991.