PINELLAS PARK, FL, February 1, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Church's Chicken Corporate Store (top left photo), a 1,425-square foot single-tenant net-leased property located in Pinellas Park, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $615,000.
Ron Schultz (middle right photo) investment specialist and John E. Brigel, (bottom left photo) senior investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The buyer, a private investor, was secured and represented by Paul A. Bitonti, vice president investments and Brenton J. Baskin, investment specialist in the firm’s Newport Beach office.
“Using the Marcus & Millichap national platform, we were able to bring the highest price and best terms to the closing table for the seller” said Schultz.
“The seller originally built and operated this location which he transitioned into a corporate training store. Shortly before the expiration of the original 20-year lease term, we assisted the seller in negotiating a new lease structure with Church’s Chicken Corporation as a new guarantor.
"With this new lease in place, the seller exclusively listed the property with us and we were able to plug in a buyer from California through another Marcus & Millichap broker in our Newport Beach office” added Schultz. “Because of Marcus & Millichap’s national, regional, and local cooperation, we attained the highest price, best terms and fastest closing for the seller, despite the current temperature of the economy and perceived reluctance in the market. The seller is now retired and enjoying the results of this transaction
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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