THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A 10,782-SF NET-LEASED PROPERTY

PHILADELPHIA, PA, June 29th, 2022 – 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 the KinderCare, a 10,782-square-foot net-leased retail property located at 431 Drysdale Drive, Orange Park. Florida 32065, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $4,640,000.

Derrick Dougherty, an investment specialist in Marcus & Millichap’s Philadelphia office, had the exclusive right to represent the buyer of this property. “The buyer was a Delaware-based investor looking to eliminate the management component from his life by transitioning from apartments to single tenant net lease. We ultimately decided on this specific asset for his 1031 exchange because of the higher yield, corporate guarantee, and tax friendly state of Florida,” said Derrick Dougherty.

“This KinderCare has tremendous real estate fundamentals with 1.75 acres in an exceptional retail and commuter corridor. The lease had just over 12 years remaining and annual rent increases providing out client a hedge against inflation,” said Jacob Haslach.

This deal is perfect for a passive investor because the landlord's responsibilities for this property are limited to the structural components of the roof and building structure.

“Our team has completed transactions in the Jacksonville MSA in the past and we believe in the real estate within this affluent submarket,” said Jacob Haslach.

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.