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 1728 Merrick Road, in Merrick, New York, according to John Krueger, Vice President and Regional Manager of the firm’s Manhattan office. The net-leased site, occupied by Wendy’s, sold for $2,100,000.
The transaction was brokered by Michael Tuccillo and Matthew Klang, licensed real estate salespeople in the firm’s Manhattan office. The duo procured the buyer and seller, both of whom are private investors. Regarding the transaction, the team said, “Our competitive bidding process yielded close to a dozen written offers in the first few weeks of marketing. The rare New York Metropolitan Area net lease property commanded full asking price, even amidst market uncertainty. The going in 3.57% cap rate is extremely aggressive but justified given the high-quality asset and its position within a highly sought after submarket.” The property is on a fourteen-year lease, with the opportunity for rental increases every five years.
The Wendy’s is comprised of 2,431 square feet situated on a .6-acre lot. Located on a vibrant portion of Merrick Road, it is surrounded by other synergistic national retailers, including Trader Joe’s, AT&T, and 7-Eleven. According to the sales team, “Local and regional buyers and sellers are beginning to understand that, given the current socioeconomic climate, our exclusive process positions Marcus & Millichap clients to effectively power forward with transactions. Our exclusive inventory is high-quality and readily deliverable to qualified buyers. We cultivate transactional success stories for clients in a time when the market can feel disconnected or confused.”
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 9,726 transactions in 2019 with a value of approximately $50 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.