Pancho’s Parent Sells Older Restaurant
In Fort Worth, Marketing 2nd in Irving
FORT WORTH Rockbay Properties II Ltd., parent of more than 40 Pancho's Mexican Buffet locations, has sold a closed restaurant in west Fort Worth to a private investor from Houston and is seeking a buyer for a shuttered site in Irving.
Brian C. Scott, CCIM, senior vice president for Dallas-based Bradford Commercial Real Estate Services, and Karen Simon, executive vice president and managing partner, brokered the sale for the Dallas-based chain. The 8,438-sf Pancho's is located at 8312 Camp Bowie West, a 1.78-acre tract with 144 parking spaces, 158 feet of frontage in a major retail corridor and a traffic count topping 25,000 vehicles per day.
The Pancho's location closed about three years ago, but its size caused it to languish on the market. The Bradford team was reassigned the listing last April, reintroducing it with a marketing blitz that resulted in more than 30 tours by restaurateurs eyeing the Camp Bowie address.
"Once you get beyond 5,000 sf, it really limits your prospects," Scott says. "We had lots of inquiries. We were showing it all the time."
Scott says the buyer hasn't disclosed his plans for the property, developed in 1973 as a Red Lobster Seafood Restaurant. "He says he buys a property and figures out what he's going to do with it afterwards," the broker explains.
With that sale completed, Scott and Simon are now courting buyers for Rockbay Properties' 5,368-sf restaurant at 3425 Grande Bulevar, adjacent to Irving Mall, with four department store anchors and 140 shops. Like the Pancho's Mexican Buffet in Fort Worth, furniture and fixtures are included.
Pancho's has two thriving restaurants in the Fort Worth marketplace and seven more in key locations all across the metroplex. The first Pancho's opened in 1958 in El Paso. Today, the restaurant chain can be found throughout Texas as well as Baton Rouge, Bossier City and Metairie, La.; Oklahoma City and Tulsa; Albuquerque; and Phoenix and Mesa, Ariz.
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