NEW YORK, NEW YORK (October 25, 2022) – Asher Wenig, investment sales broker in Northmarq’s New York investment sales office, completed the $7.1 million sale of The Cheesecake Factory. The 12,575 sq. ft. freestanding restaurant is located within SouthSide Works development, at 415 South 27th Street, Pittsburgh, Pennsylvania. Northmarq represented both the New York-based buyer and New York-based seller in the sale.
“Currently experiencing a major rejuvenation, the Southside Works is an absolutely terrific mixed-use oasis in the city of Pittsburgh. With the rejuvenation in the area, the new owner of this strong performing Cheesecake Factory will benefit from major growth in the area given the healthy term, rent and percentage rent outlined in the lease,” said Wenig. “This was far from a cookie cutter deal and took a very sophisticated buyer to understand the ins and outs of the lease and opportunity. It was a very fun marketing campaign where both sides came away winners.”
The Cheesecake Factory has operated at the property since it was built in 2004 and recently extended their lease. The 0.38-acre site benefits from outstanding demographics with nearly 395,000 residents in the immediate five-mile radius and close proximity to two major universities: The University of Pittsburgh (1.9 miles) and Carnegie Mellon University (3.1 miles). Located in the SouthSide Works development, the property boasts walkability, visibility, and plenty of parking.
Adjacent national retailers include REI, ALDI, Urban Outfitters, LA Fitness, and many more. Additionally, the Town Center Square alongside the property will soon be upgraded to include bosque seating, gathering stairs, lawn games and a flex use stage for movies and musical performances, drawing even more visitors to SouthSide Works.