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| Lane Schwartz |
INDIANTOWN, FL, Sept. 29, 2014 – 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 a
2,450-square foot Burger King located in Indiantown, FL, according to Ryan
Nee, regional manager of the firm’s Fort Lauderdale office.
The asset sold for $1,601,500 representing a 6.25% CAP rate.
Barry M. Wolfe, a vice president investments, and Alan
Lispky, an associate, in Marcus & Millichap’s Fort Lauderdale office,
had the exclusive listing to market the property on behalf of the seller, a
private investor from Vero Beach, Fla.
The buyer, a private
investor from Tarzana, CA, was secured and represented by Lane Schwartz,
a first vice president investments, in Marcus & Millichap’s West Los
Angeles office.
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| Barry M. Wolfe |
“This Burger King is located on the primary trucking
corridor between Lake Okeechobee and The Palm Beaches. The lease includes unusually high rent
increases for a Burger King which will increase the CAP rate for the buyer to
over 7 percent in the next couple of years,” says Lipsky.
Burger King has operated from 15608 SW Warfield Boulevard in
Indiantown, Fla for more than 20 years.
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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