{"id":1004200211,"date":"2017-12-18T05:26:08","date_gmt":"2017-12-18T13:26:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200211"},"modified":"2022-12-08T20:14:40","modified_gmt":"2022-12-09T04:14:40","slug":"memphis-hooters-sells-for-record-cap-rate","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/memphis-hooters-sells-for-record-cap-rate\/","title":{"rendered":"Memphis Hooters Sells for Record Cap Rate"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004200212\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004200212\" data-attachment-id=\"1004200212\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/memphis-hooters-sells-for-record-cap-rate\/hooters-of-memphis-s-e\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg\" data-orig-size=\"400,310\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hooters of Memphis S.E.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hooters of Memphis S.E.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg?w=400\" class=\"wp-image-1004200212 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg\" alt=\"Hooters of Memphis S.E.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Hooters-of-Memphis-S.E..jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004200212\" class=\"wp-caption-text\">Hooters of Memphis S.E.<\/p><\/div>\n<p>BayHill Realty Capital has sold a newly opened Hooters restaurant in southeastern Memphis, Tenn., for just under $4 million to Todd and Jeffrey Mathis of Lomboc, Calif. The sale closed at a cap rate of 5.25 percent, which is, reportedly, a record for Hooters properties sold in the last two years nationwide.<\/p>\n<p>Located at 7535 Winchester Road, the building sits on an outparcel of a Walmart and Sam\u2019s Club. Near the intersection of Winchester Road and Bill Morris Parkway, the new Hooters of Memphis S.E. sits in an area\u00a0with a number of <a href=\"https:\/\/www.commercialsearch.com\/news\/hff-closes-sale-of-memphis-area-retail-center\/\">busy\u00a0retail centers<\/a>,\u00a0which include stores and restaurants such as Best Buy, JCPenney and Red Lobster. FedEx\u2019s world headquarters campus is also less than two miles away.<\/p>\n<p>A team led by Chris Lomuto and Milo Spector of Stan Johnson Co. represented the seller in the transaction.<\/p>\n<h2>Long-term contract<\/h2>\n<p>Hooters has signed a 20-year, absolute triple-net lease with the new owner. The property was recently renovated by BayHill and opened as Hooters in late October 2017. The restaurant features an open design with multiple TVs throughout the dining area, following Hooters\u2019 2017 prototype design. Formerly operated as a Ruby Tuesday, the restaurant closed in 2016 as part of a corporate restructuring plan. Ruby Tuesday subsequently sold the building in June 2017 to developer BayHill for $1.7 million, according to\u00a0public records.<\/p>\n<p><em>\u201cThis really shows how important it is to assess the quality of the real estate when purchasing a triple net investment,\u201d <\/em>said Milo Spector, associate director of Stan Johnson Co., in prepared remarks.<em> \u201cThis conversion and interest in the site from Hooters corporate shows just how much demand there is for quality sites from operators. This largely has to do with the limited supply of strong real estate locations that are currently available.\u201d<\/em><\/p>\n<p><em>Image courtesy of Hooters<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stan Johnson Co. brokered the $4 million sale of the restaurant in Memphis, Tenn., to a private investor based in California.<\/p>\n","protected":false},"author":861,"featured_media":1004200212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21742,21749],"tags":[35041,33339,38568,38569,32877,32917],"class_list":["post-1004200211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-latest","category-retail","tag-best-buy","tag-fedex","tag-hooters","tag-ruby-tuesday","tag-stan-johnson-company","tag-walmart"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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