The Cushman & Wakefield of San Diego Urban Property Group reported that Fogo de Chao, an upscale Brazilian Churrascaria-style steakhouse, will open its first location in San Diego. The restaurant will be located in the Gaslamp district at 668 Sixth Ave. (92101). Fogo de Chao signed a 10-year, $4,946,820 lease for 11,372 square feet in a portion of the building that housed former Borders Books & Music.
The lessor, Monro Capital Fund I LP, was represented by Bill Shrader and David Maxwell, of the Cushman & Wakefield Urban Property Group. The lessee was represented by Rob Rowe, of Sierra Realty Advisors.
Bill Shrader, senior director with the Urban Property Group said, “Fogo de Chao has been looking for a while in the area for the right location, a high-volume, high quality destination driven concept like Fogo de Chao is a great addition to the Gaslamp and G Street corridor, they will reinvigorate an already successful dining destination which caters to residents and tourists alike.”
The 33,000-square-foot building is located at the southwest corner of Sixth Avenue and G Street. Constructed in 2002, the building was home to Borders Books & Music until it closed in 2011. IPG Monro Capital Fund I LP acquired the building in June 2012, marking the first acquisition for the newly formed fund. According to Ron Perlman, president of Monro Capital Fund I LP, extensive renovations have commenced at the location converting it to a multi-tenant building. “Former Borders customers will still recognize this facility with its unique exposed brick and glass-wrapped exterior.”