Benihana to Sell 13 Restaurants for $47M; BMI Refinances Town Center One

Miami-based Japanese restaurant chain Benihana held the headlines this week after signing a deal with Cole Real Estate Investments to sell 13 of its locations for $47.4 million. Benihana, which plans on leasing back the properties, made the announcement in its public filling earlier this week but has yet to mention the location of the restaurants.

Miami-based Japanese restaurant chain Benihana held the headlines this week after signing a deal with Cole Real Estate Investments to sell 13 of its locations for $47.4 million. Benihana, which plans on leasing back the properties, made the announcement in its public filling earlier this week but has yet to mention the location of the restaurants.

According to the South Florida Business Journal, the company operates 95 restaurants, but the 13 properties currently under contract are the only locations where Benihana actually owns the buildings, while the rest of them are leased. Public records show that one of the owned restaurants is located at 276 E. Commercial Blvd. in Lauderdale-by-the-Sea, while another is at 1665 79th Street Causeway in North Bay Village.

Benihana Inc., a leading operator of Japanese-theme and sushi restaurants, has a pending deal to be acquired by a group of funds managed by the Angelo, Gordon & Co. Private Equity Group for the reported amount of $296 million. The company hopes to complete the sale to Cole Real Estate Investments at the same time it is taken private.

In other real estate news, financial services firm BMI Financial Group has finalized an agreement with Dadeland Parcel C LLC—owner of the Town Center One office tower in Miami’s Downtown Dadeland submarket—to refinance the 24-story, Class A office building.

BMI, which is also the building’s anchor tenant, will acquire and extend Town Center One’s existing mortgage loan from Wells Fargo Bank. Dadeland Parcel C LLC will maintain ownership and management of the building, and Blanca Commercial Real Estate will continue to spearhead sales and leasing efforts.

The 210,992-square-foot Town Center One, developed by Dayco Group in 2009, has approximately 98,000 square feet available for lease—including 52,000 square feet on three contiguous floors—ranking among the largest blocks of available Class A space outside the Miami Central Business District. BMI Companies currently owns and occupies the top two floors of the building, which serve as its international headquarters. Other tenants include Clear Choice, Inca Investments and executive suites operator Anex Offices.

Located directly off Kendall Drive at 8950 Southwest 74 Court in Miami, the building is adjacent to downtown Dadeland—directly across the street from Dadeland Mall and within walking distance of two Marriott hotels. Town Center One is serviced by an on-site parking garage that offers a parking ratio of 3.8 spaces per 1,000 rentable square feet.

Image courtesy of Schwartz Media Strategies

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