Marcus & Millichap : Arranges Sale of Net-Leased Andy’s Frozen Custard in Illinois
July 01, 2024 at 09:51 pm
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Marcus & Millichap Arranges Sale of Net-Leased Andy's Frozen Custard in Illinois
July 01, 2024
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MOKENA, Ill., July 1, 2024 - 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 a net-leased Andy's Frozen Custard in Mokena, Illinois. The property sold for $1,715,000.
"We received offers within three days of listing this property on our proprietary technology platform, MNet," said Nicholas Kanich, first vice president of investments. "Working together with the Palo Alto team, we moved from offer to close within 50 days and sold at 98 percent of the listing price. This was an exceptional opportunity to purchase a new-construction investment property with a 20-year ground lease."
Kanich, a single-tenant net-lease investment specialist in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Illinois real estate investment firm, and Kirk Trammel, David Cutler and Joshua Johnson, investment specialists in Marcus & Millichap's Palo Alto office, procured the buyer, a California-based family trust.
The Andy's Frozen Custard property is at 11275 W. Lincoln Highway in the Chicago MSA suburb of Mokena. Newly built in 2024, the 2,200-square-foot asset is situated next to national retailers including Meijer, Panda Express and PetSmart. Andy's Frozen Custard is the largest dessert-only franchise globally, with over 135 locations across the country.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
