Cashen Realty Advisors recently completed two transactions for infill projects in the North Central community, including the execution of a 20-year ground lease by Cold Beers and Cheeseburgers Restaurant at 5625/5621 N. 7th St. The property is directly across from The Yard and will be re-developed by principal Barrett Rinzler of Square One Concepts into a 6,500-square-foot restaurant with patio and ample parking. The lease value is in excess of $3 million.
The other transaction was the purchase of property located at 6101 N. 7th St. by developer Rick Cordova for $560,000. Cashen Realty Advisors was the broker in the transaction. The property is a drive-through retail building with a 1,200-square-foot building on 14,000 square feet of land. Cashen Realty Advisors recently represented Cordova in his acquisition of the adjacent building located at 6107 N. 7th St. That 10,000-square-foot building was purchased for $827,000 and Cordova plans to re-develop the two buildings into an infill restaurant destination.
This project represents another step in the rapid urbanization of the 7th Street Corridor, which has been undergoing a dramatic transformation. The area between Missouri Avenue and Bethany Home Road has evolved into a highly sought-after urban restaurant row with more than a half-dozen new restaurants on the way.