Sunday, February 1, 2015

$3.3 Million Sale of Landry’s Corporate Ground Lease in Destin, FL Brokered by Marcus & Millichap


Brian L. Rosen
DESTIN, FL – 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 Landry's Corporate Ground Lease, 4.57 acres of land in Destin, Fla. The asset sold for $3,300,000.

Brian L. Rosen, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Coconut Grove, Fla. 

The buyer, a limited liability company from Fort Worth, TX, was secured and represented by Vincent Knipp, a vice president investments, in Marcus & Millichap’s Fort Worth office. 

“This opportunity provides a passive investment for a buyer looking to secure a strong credit tenant lease with over 10 years left and no management responsibilities in a strong and growing market in Florida's panhandle,” says Rosen.

Vincent L. Knipp
The ground lease is guaranteed by Landry’s corporate who owns over 40 brands including: Landry's Seafood, Chart House, Saltgrass Steak House, Bubba Gump Shrimp Co., Claim Jumper, Morton's The Steakhouse and more.

This investment asset is located at 14059 Emerald Coast Parkway which is the main retail corridor in Destin, Fla. It is lined with many other national retailers including: Walmart and Office Depot, along with many banks and restaurants.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager
Fort Lauderdale. FL
(954) 245-3400

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