The Real Deal Miami

Delray firm pays $6.5M tab for Phoenix steakhouse

The acquisition by Menin Development added to its portfolio of Arizona assets

August 28, 2016 11:35AM

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Donovan's Steak & Chop, 3101 East Camelback Road in Phoenix

Donovan’s Steak & Chop, 3101 East Camelback Road in Phoenix

Delray Beach-based commercial property owner, developer and manager Menin Development Inc. added to its Arizona portfolio by gobbling up a Phoenix steakhouse for $6.5 million.

The restaurant will continue to operate under a lease for the property as Donovan’s Steak & Chop. The Donovan’s group of high-end steakhouse restaurants also has locations in La Jolla and San Diego.

The steakhouse on Camelback Road in Phoenix is in one of the city’s premier commercial corridors. Its  location on a 1.5-acre site, 3101 East Camelback Road in Phoenix, is down the road from a former Sports Authority store that Menin had acquired earlier.

The former Sports Authority at 1625 East Camelback Road in Phoenix is a 54,714-square-foot building on a 4.97-acre site that anchored a shopping center, according to Menin’s website.

Menin’s Arizona assets also include a Target store and a U.S. Bank branch office, both in Tempe.

Cushman & Wakefield represented both Menin and the seller of the Phoenix steakhouse, Prime Land Assets LLC of Phoenix. The seller’s CushWake representative in the transaction was Chris Hollenback. Menin’s was Michael Hackett. [Phoenix Business Journal] — Mike Seemuth