Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Burger King , a 2,781-square-foot net-leased property located in Baltimore, Maryland, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,100,000.
James Medefind and James Garner, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Bryn Merrey, Regional Manager, in the firms Washington, D.C. office, assisted with the transaction.
“Through our team’s marketing efforts and Marcus & Millichap’s national platform, we were able to secure four offers on this property within a short amount of time for the seller. Ultimately, the best buyer for this deal was sourced by a local broker outside of our firm that we collaborated with to provide a seamless contract process for both the buyer and the seller. The private buyer was attracted to this deal because of its long operating history, recent renovations and strong sales numbers,” says Mr. Garner.
The triple-net lease provides an investor with zero management responsibilities and an average all cash return of 6.5 percent for the 16 years remaining on the base term of the lease. There are five percent increases every five years. It was a fantastic opportunity to secure a long-term investment vehicle in a proven concept with a seasoned and growing operator managed by one of the largest quick service restaurant companies in the world. The Burger King restaurant is located at 8304 Old Philadelphia Road in Baltimore, Maryland.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
