MARCUS & MILLICHAP ARRANGES THE SALE OF A 6,095 SF NET-LEASED PROPERTY

CHAMBERSBURG, PA, – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Red Lobster, a 6,095 SF net-leased property located in Chambersburg, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $3,150,000.

Derrick Dougherty, Steve Garthwaite, and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a partnership, was secured and represented by Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office.

Red Lobster is located at 935 Wayne Ave in Chambersburg, PA.This site featured a corporately guaranteed NNN lease with over (18.5) years remaining on Term. The lease also featured attractive rental increases of two percent (2%) annual escalations & stable NOI growth. Red Lobster sits as an outparcel to a Giant anchored center featuring national, credit tenants including Verizon, Dollar Tree, the UPS Store, & others. The site is stragically located at the signalized intersection of Wayne Avenue & Stouffer Avenue with Combined Average Traffic Counts exceeding 13,000 Vehicles Per Day. The property benefits from dense, stable middle class demographics with an average household income of $73K & and a population of 51K residents within a 5-Mile trade radius.

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.