MARCUS & MILLICHAP ARRANGES THE SALE OF A 5,967 SF NET-LEASED PROPERTY

WILKES BARRE TOWNSHIP, PA, May 1, 2020 – Marcus & Millichap (NYSE: MMI), has announced the sale of Chick-Fil-A, a 5,967 SF net-leased property located in Wilkes Barre Township, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $3,703,703.

Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Even through the COVID - 19 Pandemic, both buyer and seller worked together to stay the course and successfully bring this deal to close” says Krantz.

The brand-new construction Chick-Fil-A is located at 989 Schechter Drive in Wilkes Barre Township, PA. The property has excellent visibility along the Highland Park Boulevard, a four-land retail corridor. “As an essential service, through this pandemic, our Chick-Fil-A location has remained open for take-out through their double drive-thru service.” said Krantz. The asset will be a sound investment to the buyer for many years to come, including a 20-year ground lease with a 10% rental increase every 5 years.

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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.