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 Ocean Crab Cajun Seafood & Bar says Brian Hosey, Virginia broker of record. The sale was facilitated by Michael J. Early, first vice president investments.
“The property was acquired by the tenant, who occupied the building via a net-leasehold interest prior to buying the building from the landlord, a private family trust,” says Early.
The restaurant serves a wide variety of freshly prepared seafood to consumers and visitors in the Richmond submarket, including crab legs, shrimp, and oysters. The property, a short distance from the city of Richmond, sits in Chesterfield County, an area known for its quality standard of living. This region is business and family-friendly, located in a heavy traffic location on Hull Street Road in Midlothian, VA.
“We were able to negotiate a successful transaction between the buyer and seller, even in an environment where cap rates associated with in-place lease incomes have become lower than the actual cost of funds,” added Early.
In addition, the county is home to the largest labor force in the metropolitan statistical area, with an average household income of over $69,000. Chesterfield is the fastest growing county in the central region of the Commonwealth of Virginia with household formation increasing 35% since 2000.
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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
