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

ATLANTIC HIGHLANDS, NJ, August 5th, 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 Starbucks, a 3,017-square-foot net-leased property located at 999 NJ-36, Atlantic Highlands, NJ 07716, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,825,000.

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. “The seller did an amazing job of repositioning a former Burger King and securing a credit tenant like Starbucks. The site was completely renovated in 2022 with a brand-new building and drive-thru,” said Mark Krantz. Starbucks is the world’s largest and most popular coffeehouse chain that generated over $29 Billion in revenue in 2021.

“This site is exceptionally well-positioned less than 1 mile away from the Atlantic Highlands Marina. There are stable demographics in the Atlantic Highlands submarket, but the warmer months in this region bring a huge influx of consumer traffic from the NYC MSA,” said Derrick Dougherty. The subject site sits directly off one of the busiest intersections in Atlantic Highlands, 1st Avenue and Route 36. The street, 1st Avenue, sees over 5,800 vehicles per day and the route, New Jersey Route 36, sees over 15,700 vehicles per day.

“This deal presented investors with a potential stable income opportunity with an ample 10 years remaining on the base term and 10% rent escalations every 5 years on a strong corporate guaranteed lease. This site has tremendous real estate fundamentals with 1.7 acres with ample parking of over 55 parking spaces,” said Mark Krantz.

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.