ARIZONA NEWS

Former Serrano’s restaurant in Chandler sold to New Mexico operator

Jul 6, 2024, 5:00 AM

Serrano’s Mexican Restaurants closed down and sold its downtown Chandler location in mid-2024. (N...

Serrano’s Mexican Restaurants closed down and sold its downtown Chandler location in mid-2024. (NAI Horizon Photo)

(NAI Horizon Photo)

Serrano’s Mexican Restaurants has sold its former Chandler location to another restaurant operator.

The deal for the 13,250-square-foot property closed Wednesday and was valued at $4.58 million or $346 per square foot.

The restaurant building was acquired by JAM Management LLC, which is owned by a group that operates restaurants in New Mexico, but one of its founding members, Joshua Martinez, lives in Chandler.

The Serrano’s family, which has operated the restaurant chain in the Valley for 45 years, announced in March that it would be closing the Chandler location at 141 S. Arizona Ave. and selling the real estate asset. It was the only location the company owned — the rest are leased — and it was the largest restaurant in the company’s portfolio and quite costly to run on a day-to-day basis.

The Chandler Serrano’s eatery closed in June, but the company’s other locations, and its fast-casual concept Pronto, are still open.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Former Serrano’s restaurant in Chandler sold to New Mexico operator