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Posted: November 25, 2013
Marcus & Millichap arranges the sale of a 3,378 s/f net-leased property for $1.573 million
Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has announced the sale of Wendy's, a 3,378 s/f net-leased property located in Portage, MI, according to J.D. Parker, first vice president- regional manager of the firm's Manhattan office. The asset sold for $1.573 million.
Glen Kunofsky, executive vice president investments in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a partnership. Jonathan Dwoskin, broker of record and regional manager, assisted in closing this transaction.
Wendy's is located at 4301 West Centre Avenue in Portage, MI, situated on a 1.49- acre parcel. The tenant entered into a brand new, 20-year triple-net sale-leaseback with no landlord responsibilities. The property benefits from its positioning within a dense retail corridor and a strong mix of national and local tenants.
"The demand for new 20-year sale leasebacks with large operators allowed us to generate multiple list price and above list price offers, where the buyer paid for all closing costs," said Kunofsky.
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