CEDAR RAPIDS — The property and land for Biaggi’s Ristorante in northeast Cedar Rapids, which opened 17 years ago, has been sold for $3.3 million to a local physician and customer.
Doug Lemon with Skogman Realty and Scott Olson with Skogman Commercial sold their ownership stakes in the restaurant at 320 Collins Rd. NE. for the equivalent of $350 per square foot.
The Biaggi’s chain, based in Bloomington, Ill., and with some 30 restaurants nationwide, will retain ownership of the restaurant itself.
The buyer of the 9,248-square-foot building and the land is listed as 320 Collins LLC, which is owned by the physician and patron whose identity has been withheld by GLD Commercial of Cedar Rapids, which handled the sale.
Olson said the chain continues to perform well, with plans to add a Mexican food format to two of its locations.
Biaggi’s, which operates some 20 restaurants nationwide, has six and a half years remaining on its lease at the Collins Road venue.