Sizzler Restaurants Build To Suit
Three build to suit development projects for Sizzler Restaurant locations in Anchorage, Alaska
A Sizzler Restaurants franchisee partnered with Walsh Investment Company to deliver three new stand alone retail restaurant locations in Anchorage, Alaska. Walsh provided end-to-end service on this project including: Retail Market Analysis, Site Acquisition, and build to suit development of three 5,000 square feet restaurants. Each of the three stand alone retail restaurant locations we found for our client featured high traffic counts, strong visibility, and easy accessibility. We built the buildings and then leased them to the operator for a 25-year term.
These restaurants turned out to be the top producers in this nationally successful franchise operation.
The project was not without its stressful moments. During construction at one of the restaurant sites the city wanted to remove a turning lane access to the site. Fortunately the fire department had the same turning access need as our site and both of our properties were reviewed by the council on the same night so our turning lane was retained. During construction of the 3rd location the electrical laborers union tried to shut down the job, which required careful negotiation.
Tenant business requirements can change over time making buildings functionally obsolete. This is common amongst retail franchise businesses. Ten years into our 25 year leases, Sizzler changed their restaurant format to target a larger footprint to handle the new menu type. Our franchisee tenant wanted to close down the restaurants. Fortunately, we found new tenants for the buildings and then were able to sell all three of them.