UPDATED: DECEMBER 27, 2017 12:10 PM — An affiliate of Boca Raton-based family investment firm Amzak Capital Management paid $15.1 million on Friday for the triple net-leased Del Frisco's Double Eagle Steak House on International Drive, marking its first retail asset in the Greater Orlando market.
Located at 9142 International Dr., the 1.89-acre parcel features a two-story building built in 1988 as a former Sizzler restaurant, with 16,152 square feet of conditioned area.
The sale closed on Dec. 22 and was recorded Wednesday morning in Orange County, with no related mortgage.
"We like the company Del Frisco's, think they have a good track record of managing successful restaurants, and like International Drive as an 'A' street that will continue to be one for a long time," president Michael Kazma told GrowthSpotter.
The property had been marketed since October by Stan Johnson Co. with an asking price of $16 million, proposing a Cap rate of 5.5 percent.
It was brought under contract by Amzak around Dec. 11 with a close roughly 11 days later, said David Annett, lead associate with Stan Johnson Co. on the listing.
"I told them congratulations, that was the most well-oiled machine I've ever seen in my life," he said.
Del Frisco's Florida LLC previously paid $8.7 million in August 2014 for the then-vacant property, which it later renovated and reopened with its premium steakhouse brand Double Eagle.
The sale was part of a long-term leasing strategy by Del Frisco's to replace a property ownership and development strategy, Annett said.
As part of the sale-leaseback deal Del Frisco's signed a new lease with the buyer for 15 years, with option to renew for another four periods of five years each.
Amzak is pursuing more assets in Greater Orlando, Kazma said, with a value-add multifamily property under contract that it should close on in the next six weeks, with plans to reposition.
Originally from Canada but based in the U.S. since 1979, the Kazma family got its start in the cable television industry, according to the company's website. The family developed and operated cable systems in Canada and the U.S. until 1992, when it entered the Latin American markets, building and operating one of that region's largest cable TV players until it was sold in 2008.
Since then, the family company has transitioned into a diversified investment company, focused on middle market, fixed income, real estate and healthcare.
The company currently has more than 15 real estate assets in Florida, which includes two multifamily properties in Orlando and 160 acres of land in Clermont.
In commercial real estate, Amzak seeks to invest between $5 million and $20 million per transaction, buying on its own or partnering with developers and investment firms with experience in multifamily, single family and hospitality.