The corporate ground leased property sold for a 4.33 percent CAP rate.
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 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.
“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.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
