A Coral Springs, Fla. Denny’s Restaurant has sold for a whopping $2.5 million. The diminutive 4,033 sq. ft. property occupies an equally petite 45,920 sq. ft. lot at high-traffic spot 3124 North University Dr.
Size mattered less than location for buyer CNL Private Equity Corp., which plans to continue operating the building as a Denny’s Restaurant. Anonymously titled seller 1234 Corporation sold the property to CNL with the help of CB Richard Ellis.
CBRE broker Harry Burnett, an associate at the firm’s Miami office, credited his “superior market analysis, demographics and access to the broadest array of potential buyers” for successfully closing the deal. It wasn’t an overnight hit, however: The property, which was officially listed in March, wasn’t sold until late July.
Denny’s is the largest full-service family restaurant chain in the nation. The chain, which owns less than half of its 1,603 outlets (1,050 are franchised), serves breakfast around the clock.
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