Arizona investment trust buys two local Popeye's

BUYER: Store Master Funding I LLC, Scottsdale, Ariz.

SELLER: Katielle LLC

PROPERTY: 3390 W. First St., Bradenton
PRICE: $1.08 million
PREVIOUS PRICE: $943,000, December 2008

PROPERTY: 820 N. Washington Blvd., Sarasota
PRICE: $1.22 million
PREVIOUS PRICE: $943,000, December 2008

LAW FIRM ON DEED: Kutak Rock LLP, Denver

PLANS, DESCRIPTION: Scottsdale, Ariz.-based STORE Capital purchased Popeye's Chicken & Biscuits buildings in Sarasota and Bradenton for a total of $2.3 million.

The price equated to $517 per square foot.

One of the properties included in the acquisition, a 27-year-old, 2,121-square-foot drive-thru restaurant, occupies 0.62 acres of land in Bradenton. The other -- a 2,326-square-foot Sarasota restaurant -- was built in 1981 and occupies a 0.54-acre site north of Eighth Street.

The seller, Interfoods of America, is the largest U.S. franchisee of Popeye's restaurants, with roughly 160 locations. It has leased back the properties from the Arizona real estate investment trust through at least 2031.