MARCUS & MILLICHAP ARRANGES THE SALE OF A 4,130-SQUARE-FOOT NET-LEASED PROPERTY

BATON ROUGE, LA, January 2, 2023– 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 ICWG Car Wash, a 4,130-square foot Net-Leased property located in 10330 Coursey Boulevard, Baton Rouge, Louisiana, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $4,038,462.

Derrick Dougherty, Nick Geaneotes, and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, had the opportunity to represent the buyer, a private Connecticut-based investor. “This sale showed a truly amazing example of the partnership of the buyer and seller working together with open lines of communication throughout the entire sale process despite challenged along the sale process,” said Nick Geaneotes.

“The purchaser acquired this newly built and well-positioned property in the dense infill Baton Rouge submarket. The site is located in a dominant retail corridor with well-known large tenants including Walmart, Home Depot, Costco, and Albertsons,” said Nick Geaneotes. The subject site is located on Coursey Boulevard with over 15,300 vehicles per day on average and is within 1 mile from Airline Highway with over 28,300 vehicles per day.

“This site has stable and attractive financials with strong cash flow with a strong corporate guarantee and a brand new 20-year NNN Lease with qualifying accelerated depreciation,” said Nick Geaneotes. The property is a new 2022 build with zero landlord responsibilities and 15 years of qualified accelerated depreciation.

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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.