Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Golden Corral, an all-you-can-eat buffet and grill located in Atlanta, Georgia. The Ben-Moshe Brothers achieved a sale price of $6,106,870, breaking a record for a franchisee sale-leaseback.
“Despite the Covid-19 pandemic and Omnicron variant, buffets aren’t going anywhere! We learned this directly from the buyer who visited the site several times during their inspection period and said that each time they visited, there was a line out of the door and a 45-minute wait to be seated,” said Leeor Ben-Moshe. “That information, paired with the actual sales figures of the restaurant, concluded that this was a sound, cash flowing, and highly desired operation.”
Roee Ben-Moshe and Leeor Ben-Moshe, investment specialists in the Marcus & Millichap Miami office, had the exclusive listing to market the property on behalf of the seller, the largest Golden Corral Franchisee in the system.
“Throughout the last decade, restaurant franchisees across the United States regularly reach out to us to consult about their real estate holdings. We are honored to represent some of the largest operators in the country – with this portfolio we have been fortunate to assist the largest Golden Corral Franchisee”, added Roee Ben-Moshe, a first vice president of investments.
Located at 2211 Cobb Pkwy SE, the asset is directly off I-75 and I-285 at the signalized intersection of Cobb Parkway SE and Windy Hill Road. It is one mile away from the Braves Stadium, The Battery Atlanta and Truist Park, home to the 2021 World Series Champions, the Atlanta Braves baseball team. As an outparcel to Super Target, the 2.79-acre lot Golden Corral is within minutes of Atlanta’s most popular attractions, including iFLY Indoor Skydiving, Cumberland Square North and Cobb Energy Performing Arts Center, a prime venue for arts and culture. The property is 15 minutes away from Buckhead and 30 minutes away from Hartsfield-Jackson International Airport (ATL).
The buyer and broker, Steve Farrar, identified this investment property as part of their $100 million 1031 exchange. The buying entity, Newburger-Andes Real Estate Investments is a second-generation, family-owned real estate firm with a diverse, debt-free portfolio consisting of retail, office and industrial space throughout Georgia, valued at more than $600 million. Steve Farrar worked directly with the listing agents. John M. Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction.