THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A 6,825-SQUARE-FOOT NET-LEASED TEXAS

PHILADELPHIA, PA, April 4th, 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 Texas Roadhouse, a 6,825-square-foot net-leased property located at 1220 South Kirkwood Road, St. Louis, MO, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $4,100,000.

Derrick Dougherty, an investment specialist in Marcus & Millichap’s Philadelphia office, had the pleasure to represent an exclusive Maryland based buyer in this acquisition. “The buyer was very coachable and was specifically looking for an investment with a slightly higher yield during a time of significant cap rate compression. Through extension research for an ideal investment, we settled on the casual dining asset class and Texas Roadhouse as a tenant because of the low risk and consistent success seen from the tenant,” said Derrick Dougherty

The site sits on 1.60 acres of land and has 6,825 gross leasable area just 20 minutes outside of downtown St. Louis. “This site is an exceptionally well-positioned outparcel to numerous big box stores, including Walmart, Lowe’s, TJ Maxx, and a Target anchored center. The site’s location draws a large amount of daily customers to the area,” said Jacob Haslach.

“This property has stable and attractive financials and cash flow in the heart of St. Louis’s primary retail corridor,” said Jacob Haslach. This absolute NNN fee-simple lease includes exceptional real estate fundamentals with over 10-years remaining and rental increases every 5 years.

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.