LCRE REPRESENTS THE INVESTMENT SALE OF BLACK BEAR DINER AT 1420 MARKET PLACE DRIVE, GREAT FALLS, MT
LCRE Investment Team is proud to have exclusively represented the Buyer, 52nd Street, a Joint Venture, in the purchase of a Black Bear Diner located at 1420 Market Place Drive, Great Falls MT 59404. This Retail Commercial Building was an Absolute Net Investment. It was built in 2007 with 7,365 square feet. It Sold for $3,350,000.00 at $454.79 SF on July 3rd, 2019. The Cap Rate was 6.8% with an NOI of $227,812.50.
Black Bear Diner is a fast-growing, community-oriented, family dining concept that offers great food in a fun, bear-themed atmosphere. Born from a desire to bring home-style comfort food classics and personal service back to the dining experience, the brand is strategically growing its national footprint. Black Bear Diner has approximately 124 locations in 12 states, including Arizona, California, Colorado, Idaho, Oregon, Texas, and Washington. In 2017, Nation's Restaurant News highlighted the brand as a "disruptor" in the family dining market, noting market share gains against numerous legacy brands, while Franchise Times ranked it as #242 on its Next 300 Franchises to Watch in 2017 list.
1420 Market Place Drive Guarabtor: MERIDIAN RESTAURANTS
Meridian Restaurants was founded in 2002 with 14 restaurants. Today, Meridian now has 127 restaurants consisting of four top-tier brands across eleven states: Burger King, El Pollo Loco, Chili's, and Black Bear Diner. The tenant; NDM Restaurants, Limited Company; is a wholly owned subsidiary of Meridian Restaurants Unlimited, Limited Company.
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Phill Tomlinson is a commercial real estate broker with Commercial Properties, Inc. (CPI) in Scottsdale, Arizona, and owner of the Leveraged CRE Investment Team specializing in investment sales and tenant/landlord representation in the Phoenix and Scottsdale submarkets. Phill applies over 21 years of experience in the Real Estate industry helping investors and owners maximize their returns.
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