The Hornet has a new landlord for its nest on Broadway.<\/p>\n
A group of five investors operating under 76 N Broadway LLC purchased the bar and grill\u2019s real estate at 76 N. Broadway last week for $3.3 million, according to public records.<\/p>\n
The Hornet still has several years left on its lease and will be unaffected by the change in building ownership. The entire two-story, 13,000-square-foot structure is also home to another restaurant tenant, Lucky Noodles, and has 18 roughly 400-square-foot offices on the second floor.<\/p>\n
One of the buyers, Tyrone Rocque, said the restaurant at the corner of 1st Avenue and Broadway was what they were really after.<\/p>\n
\u201cI think it\u2019s nearly fully leased,\u201d Rocque said of the office space. \u201cWe may just gut it and completely make some class-A space out of it. We may leave it as is. We haven\u2019t really made a decision. I mean, that\u2019s totally the tail on the dog. We wanted what was on the first floor \u2014 we really wanted The Hornet.\u201d<\/p>\n
The deal works out to $256 per square foot for the building. The real estate sits on a third of an acre and comes with a 21-space parking lot. <\/p>\n
Rocque financed the deal with a five-year, $2.5 million loan set with a variable interest rate from MidFirst Bank, per public records. <\/p>\n
Three Pillars LLC was the seller, with Paul Greaves listed as its manager in the public filings. He purchased the property in 1996 for $415,000, and declined to comment on the transaction. The Hornet opened in the building a year prior, in 1995.<\/p>\n
Rocque works as one of the owners of Platinum Properties Holdings, a local real estate firm with sister companies in property management and lending. The company invests in retail, industrial and apartment buildings, he said.<\/p>\n
\u201cI\u2019m one of the people who searches out real estate acquisitions, and because of that, I\u2019ve got an ownership component in all the deals that we close through our office,\u201d Rocque said.<\/p>\n
He bought the Broadway building for a roughly $600,000 discount; it was originally listed at $3.95 million, per a marketing brochure for the property. <\/p>\n