THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A NET-LEASED SHEETZ PROPERTY

WARREN, OH, September 9th, 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 Sheetz, a 6,077-square-foot Net-Leased property located at 4013 East Market Street, Warren, Ohio, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,745,000.

Derrick Dougherty, Steve Garthwaite, and Nick Geanotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the representation of the buyer to this property, a Pennsylvania-based buyer. “The buyer of this property is a seasoned investor who acquired this property with all cash,” said Nick Geanotes

“This site has stable and attractive financials with strong cash flow in the heart of Warren, Ohio. The sellers did an amazing job developing this site located near a signalized intersection on East Market Street and within the growing Cleveland submarket,” said Nick Geanotes. The site is located within a dense retail corridor with national tenants including, Burger King, McDonald’s, Dunkin’ Donuts, and Rite Aid.

“Sheetz continues to be one of the stable and successful tenants in the Mid-Atlantic for investors. This location was newly constructed in 2022 with a freestanding convenience store, a drive-thru, and eight canopied fuel pumps,” said Steve Garthwaite. This investment provides a hedge against inflation with an absolute Triple Net ground lease with 10 percent rental increases in each option.

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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.