One of California's leading citrus packing families paid roughly $5.05 million on Nov. 17 for a piece of Orlando's tourism corridor, buying a shuttered restaurant site in Lake Buena Vista that was leased last month to a triple-net tenant for 20 years.
The buyer was Our Way Development Company, a family investment affiliate of Riverside, California-based Thomas Mazzetti. He's a chief executive of the family-owned Blue Banner Company, California's largest grapefruit packer.
Located at 12195 S. Apopka Vineland Road just a few hundred yards north of a Walt Disney World entrance, the 1.17-acre parcel includes a 25-year-old building with 6,807 square feet under roof. The site was last occupied by a Sizzler restaurant until late 2014.
It's bordered to the south by the Sheraton Lake Buena Vista Resort, and to the east by the Marriott Fairfield Inn and Suites Lake Buena Vista.
The building's new lessee is CFL Pizza, LLC, an affiliate of Celebration-based Celebration Restaurant Group, a franchisee of Taco Bells and Pizza Huts.
Bravo Foods signed a 20-year lease for the property on Oct. 5 and plans to renovate it as a Pizza Hut, filing a notice of commencement on Oct. 14 with general contractor Acme Enterprises out of Roseville, Maryland.
The company also terminated a past construction contract on the property by Seminole-based Chouinard Construction & Maintenance.
About 0.2 miles to the south is an active Pizza Hut at 8699 Palm Parkway which will be closed when the new restaurant opens, a manager on site said Monday. The new location is not expected to be ready for a few more months, he added.
CFL Pizza amended an existing leasehold mortgage With Regions Financial Corp. on Sept. 30, allocating $5 million to the restaurant renovation at 12195 S. Apopka Vineland Road.
Mazzetti and Bravo Foods did not respond to requests for comment on Monday.
The seller was an affiliate of Leon Capital Group. The disposition was a stabilized investment sale by the company after successfully finding a long-term lessee, said South Florida manager Ronnie Carlson. Leon Capital previously paid $2.85 million in December 2014 for the property.
Mazzetti's Our Way Development previously owned the King Arthurs Mobile Home Park in Riverside as its main investment asset, but sold the property a week ago, managers of that park said Monday.