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| Wendy's, 14180 SW 8th Street, Miami, FL |
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| Ronnie Issenberg |
MIAMI, 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 ground leased Wendy's located in Miami. The asset sold for $2,000,000 which
represented a 4.33 percent CAP rate based on current income.
“The upward pressure on cap rates
resulting from a rising interest rate environment is encouraging single-tenant
net-leased owners to sell while cap rates are still at an historical low.
"Corporately owned net-leased assets in strong locations remain at the forefront
of investor demand,” says Gabriel Britti,
a vice president investments in Marcus & Millichap’s Miami office.
Britti along with Ronnie Issenberg, a vice president
investments, and Michael Biama and Roee E. Ben-Moshe, senior associates,
represented the seller of the property, a limited liability company from Salem,
Mass.
The team has facilitated the sale of 38 STNL properties so far this year
and currently have 46 investment opportunities available for sale.
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| Michael Biama |
“We identified multiple
interested buyers and were able to achieve a sales price of $2.0 million and a
4.33 percent cap rate,” adds Biama.
The buyer, a limited
liability company from Coral Gables, Fla., was secured and represented by Tim Giambrone, a vice president
investments in Marcus & Millichap’s Atlanta office.
“The buyer, who owns
numerous high-quality, net-leased assets was attracted to the credit corporate
lease, low rent and strong demographics surrounding this well-located Miami
asset,” says Giambrone.
Built in 2004, the
3,191-square foot Wendy’s is positioned in the center of a 30,971 -square foot,
corner lot. The property is located at 14180 SW 8th Street in one of Miami’s
most desirable retail corridors.
For a complete copy of the company’s news release,
please contact:
Kirk A. Felici
First Vice
President/Regional Manager, Miami
(786) 522-7000
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