BIRMINGHAM, AL, Nov. 13, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 10 Taco Bell restaurants in Alabama, Tennessee and Virginia. The sales price of $12.2 million represents $497 per square foot.Richard Merryman, a senior associate and director of Marcus & Millichap’s National Retail Group (NRG) in San Francisco; William Schofield, a vice president investments and director of the firm’s NRG in San Francisco; and Andrew Clark, an investment specialist in the fir
m’s Birmingham office, represented the seller. John L. Nguyen (top right photo) and Jonathan Mitchell, both vice presidents investments in the firm’s Newport Beach office, represented the buyer.
“This portfolio presented a rare opportunity for the buyer to acquire a 10-restaurant portfolio with excellent store-level economics and no landlord responsibility,” says Nguyen.
“The seller was able to capitalize on a sellers’ market with their apartment sale and increased their cash flow by 30 percent with the purchase.”
The portfolio includes four restaurants in Alabama, four restaurants in Tennessee and two restaurants in Virginia.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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