Marcus & Millichap Inc.
07/02/2024 | Press release | Distributed by Public on 07/02/2024 15:51
Marcus & Millichap Arranges Sale of Chicago MSA Burger King Location for $1.6M
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Marcus & Millichap Arranges Sale of Chicago MSA Burger King Location for $1.6M
July 02, 2024
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VALPARAISO, Ind., July 2, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Burger King location in Valparaiso, Indiana. The property sold for $1,600,000.
"We received multiple offers and ultimately closed with a Chicagoland property group," said Nicholas Kanich, first vice president of investments. "The buyer appreciated both the location and the long-term tenancy of the country's second-largest restaurant franchisee."
Kanich and Mitchell Kiven, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Indiana retail-property developer and manager, and procured the buyer, an Illinois real estate development and management company. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
The 3,320-square-foot property is located at 2921 Calumet Avenue. Burger King has operated at this location since 2008 with current options for lease renewal. The asset is situated in a strong retail center with nearby national retailers including Starbucks, Dairy Queen, Subway, and Dollar General.
"We received multiple offers and ultimately closed with a Chicagoland property group," said Nicholas Kanich, first vice president of investments. "The buyer appreciated both the location and the long-term tenancy of the country's second-largest restaurant franchisee."
Kanich and Mitchell Kiven, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Indiana retail-property developer and manager, and procured the buyer, an Illinois real estate development and management company. Josh Caruana, Broker of Record in Indiana, assisted in closing the transaction.
The 3,320-square-foot property is located at 2921 Calumet Avenue. Burger King has operated at this location since 2008 with current options for lease renewal. The asset is situated in a strong retail center with nearby national retailers including Starbucks, Dairy Queen, Subway, and Dollar General.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.