Marcus & Millichap Inc.
11/04/2024 | Press release | Distributed by Public on 11/04/2024 13:47
Marcus & Millichap Brokers Sale of Brand-New Starbucks Location in Illinois
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Marcus & Millichap Brokers Sale of Brand-New Starbucks Location in Illinois
November 04, 2024
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THIRD LAKE, Ill., Nov. 4, 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 Starbucks location in Third Lake, Illinois. The property sold for $2,487,804.
"Quick-service restaurants are one of the most-desired assets in the net leased space for our investors," said Damien Yoder, first vice president investments. "The corporate tenants with strong balance sheets located at high visibility/high traffic locations are a major driver. Their landlord-friendly leases with strong rental increases act as a strong inflation hedge and continue to push the demand for these types of investment assets."
Yoder and Madison Harman of The Yoder-Harman Group, investment specialists in Marcus & Millichap's Indianapolis office, procured the buyer, 12947 Woodbridge Street, LLC, a private investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
The Starbucks property is located at 34354 US-45 in Third Lake, IL, receiving visibility from more than 43,400 vehicles per day. Built in 2024, the asset boasts the tenant's latest building prototype and high-capacity drive-through on a 1.09-acre lot.
"Quick-service restaurants are one of the most-desired assets in the net leased space for our investors," said Damien Yoder, first vice president investments. "The corporate tenants with strong balance sheets located at high visibility/high traffic locations are a major driver. Their landlord-friendly leases with strong rental increases act as a strong inflation hedge and continue to push the demand for these types of investment assets."
Yoder and Madison Harman of The Yoder-Harman Group, investment specialists in Marcus & Millichap's Indianapolis office, procured the buyer, 12947 Woodbridge Street, LLC, a private investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
The Starbucks property is located at 34354 US-45 in Third Lake, IL, receiving visibility from more than 43,400 vehicles per day. Built in 2024, the asset boasts the tenant's latest building prototype and high-capacity drive-through on a 1.09-acre lot.
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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.