Orlando-based RomaCorp, owner of restaurant brands Tony Roma's and TR Fire Grill, sold one of its oldest parcels on S. Semoran Boulevard for $2.61 million on Monday to TradeCor, LLC,a retail investor and developer out of Phoenix, which plans to lease the site to a national restaurant chain shortly, a TradeCor co-founder told GrowthSpotter.
Located at 7015 S. Semoran Blvd., the 1.51-acre parcel features a 6,130-square-foot restaurant built in 1995 by RomaCorp that housed a Tony Roma's until 2013, when the property was converted into the first location of TR Fire Grill. RomaCorp bought the land in 1994 for $600,000.
TradeCor co-founder and equity partner Perry Mann said Tuesday the company saw this site as a high-profile location suited for redevelopment. TradeCor plans to lease the property, is in talks with a few national restaurant chains, and should have a tenant to announce in the next few weeks, he added.
The parcel was marketed for sale less than 30 days, with multiple offers submitted above market rate, Schooler said.
"Romacorp had been at the site for a long time, but did an evaluation when it was changed from a Tony Roma's to the first TR Fire Grill, and felt the area's demographics didn't match the new concept," Schooler said. "The store was performing well, but they decided to focus on their new (TR Fire Grill) location in Winter Park."
Romacorp did not immediately reply to requests for comment Tuesday morning about if the company will reinvest proceeds from this sale with 180 days to complete a 1031 exchange.
TradeCor is the developer and franchisee of the Rock & Brews restaurant in Oviedo, a themed restaurant backed by members of the band KISS, and is building its second unit for that chain at the 450,000-square-foot Lee Vista Promenade on S. Semoran Boulevard, right across the street from this former RomaCorp property.