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| IHOP, 12875 Biscayne Boulevard, North Miami, FL |
NORTH MIAMI, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of IHOP, a 3,102-square foot
net-leased restaurant located in North Miami, Fla.
The asset sold for $3,000,000 equating to $926 per square
foot.
Gabriel Britti and Ronnie Issenberg, vice president
investments in Marcus & Millichap’s Miami office, had the exclusive listing
to market the property on behalf of the seller, a limited liability company
from White Plains, NY.
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| Gabriel Britti |
“This was an opportunity for an investor to acquire a trophy
location IHOP on one of the most desirous parts of Biscayne Boulevard in North
Miami.
" This property was constructed ground-up in 2012 and was delivered with a
20-year absolute triple-net lease with one percent annual increases in rent,”
says Britti.
The lease is guaranteed by Sunshine Restaurant Partners, a
150 plus-unit IHOP franchisee. IHOP is located at 12875 Biscayne Boulevard in
North Miami, FL.
For a complete
copy of the company’s news release, please contact:
Kirk A. Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000
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