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| 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.
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| 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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