T
he Hornet, a bar and grill at the corner of 1st Avenue and Broadway, has new owners after a group of five investors purchased the building for $3.3 million. The sale was finalized last week, with the buyers operating under 76 N Broadway LLC. Despite the change in ownership, The Hornet will remain unaffected as it still has several years left on its lease.

    The two-story, 13,000-square-foot structure also houses another restaurant tenant, Lucky Noodles, and features 18 offices on the second floor. One of the buyers, Tyrone Rocque, stated that they were primarily interested in acquiring The Hornet, citing its prime location and strong presence in the area.

    Rocque noted that the office space is nearly fully leased, leaving room for potential renovations to create class-A office space. He financed the deal with a $2.5 million loan from MidFirst Bank, which works out to approximately $256 per square foot for the building.

    The property was originally listed at $3.95 million but sold for a roughly $600,000 discount. Rocque attributed this to minimal deferred maintenance and strong negotiation on both sides. The sale marks a significant transaction in the local retail market, with Todd Snyder of Kentwood Commercial stating that there was good activity on the property despite its location not being considered prime.