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Brokerage
Posted: April 11, 2011
Marcus & Millichap sells 3,300 s/f single-tenant net-leased building
Marcus & Millichap Real Estate Investment Services has brokered the sale of Arby's ground lease, a 3,300 s/f single-tenant net-leased property sits on one acre. The asset commanded a sales price of $780,000.
Judson Kauffman and Glen Kunofsky, investment specialists in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a developer. The tenant, an Arby's franchise exercised their right of first refusal and John Przybyla, a broker from the Illinois office assisted in the closing.
"Our marketing drove many offers which achieved the seller a higher price then the tenant was originally willing to pay," said Kauffman.
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