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| Pizza Hut, Palm Springs, FL |
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| Aaron O'Connor |
PALM SPRINGS, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Pizza Hut, a 2,639-square foot net-leased property located in Palm
Springs, Fla. The asset sold for $1,400,000 equating to $531 per square foot.
Richard Moravek,
a senior associate, and Aaron O'Connor an associate, both in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a private investor from Fairfield, NJ.
“Given the property’s
price point, this deal was particularly attractive to end-of-year 1031-exchange
buyers,” says Moravek. “We received multiple offers and ultimately closed just
under list price with a foreign national buyer.”
The 2,639-square foot
Pizza Hut was built in 1998 on 0.84 acres and has 10 years left on its lease.
Located at 2800 South Congress Avenue, the restaurant is within walking
distance to Saint Luke Catholic School and Fortis College.
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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