A New York-based private investor paid $16.245 million last week to enter the Orlando market, buying a triple-net retail asset from Darden Corporation on International Drive.
Located at 8849 I-Drive, the 2.5-acre parcel features a Bahama Breeze restaurant built in 1996 with 8,928 square feet of conditioned area.
The buyer was an investment affiliate of Robert Guerrerio, Jr., president of RSG Caulking & Waterproofing, a construction contractor based northeast of New York City.
The sale closed on May 17, and was recorded Friday in Orange County. No mortgage was filed with the deed.
A lease for Bahama Breeze, initiated in November 2015 for 14 years through October 2029 with five extension options of five years, was signed over to the new owner.
The seller was FCPT International Drive LLC, an affiliate of Darden, which previously paid more than $2.738 million in 1996.
The price paid tops sale values for other NNN restaurant properties on I-Drive in the past year.
Those include a Uno Pizzeria & Grill site sold for $8.325 million in January, the Del Frisco's Double Eagle Steak House sale of $15.1 million in December, and a Red Lobster site that went for $7.45 million last November.