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 2,310-square-foot net-leased retail property tenanted by Wendy’s in Goose Creek, SC. The asset sold for $2.2 million, according to Benjamin Yelm, regional manager of the firm’s Charleston office.
Ani Paulson and Pearce Vogler, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Our team had this property on the market for a week before we announced the ‘Best and Final Offer’ deadline. Shortly thereafter, we were under contract for above list price with favorable terms for the seller, who we were exclusively representing,” said Paulson. “Our aggressive marketing approach enabled us to quickly generate numerous great offers for the property, which created a competitive bidding environment. The buyers were very happy to secure this deal, since they were in a 1031 transaction with tight deadlines.”
Tenanted by Wendy’s, the property is located at 101 Red Bank Rd in the Goose Creek submarket of the greater Charleston Metropolitan Statistical Area. Its significant proximity to Interstate-26 leaves it exposed to approximately 61,600 vehicles per day via S. Goose Creek Boulevard and 23,100 vehicles per day via Red Bank Road, making its location highly visible.
The property has an absolute triple-net lease with its tenant, meaning Wendy’s is one hundred percent responsible for all expenses, including building structure repairs, for the next 17.5 years. Other nearby national retailers include Publix, Taco Bell, Pizza Hut and Waffle House.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.
