Marcus & Millichap Inc.
08/10/2022 | Press release | Distributed by Public on 08/10/2022 17:08
Marcus & Millichap Arranges the Sale of A 1,893-Square Foot Vacant Drive-Thru Restaurant Property
Press Releases
Marcus & Millichap Arranges the Sale of A 1,893-Square Foot Vacant Drive-Thru Restaurant Property
August 10, 2022
ATASCADERO, CA, August 10, 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 6435 Morro Road, a 1,893-square foot retail property located in Atascadero, CA. The asset sold for $1,750,000.
Nolan Tooley, James DeBuiser, and Gary Cohen, investment specialists in Marcus & Millichap's Ventura office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The team devised a strategy to achieve a higher price and better terms for the seller. This opportunity had immediate interest from numerous investors, sourcing 17 offers within the first several weeks of marketing. The sale achieved record-breaking pricing for vacant drive-thrus in San Luis Obispo County. The Buyer was a QSR developer with a national credit tenant in tow. The seller executed on a complex Reverse/Improvement Exchange which improved his cash flow while lessening his landlord responsibilities and deferring capital gains.
6435 Morro Road in Atascadero, CA is a vacant, single-tenant, freestanding QSR building with an existing drive-thru on the heavily-trafficked Morro Road. The property sits on two parcels combined to make .48 AC of land. There is excellent frontage on Morro Road and visibility from the 101 Freeway.
Nolan Tooley, James DeBuiser, and Gary Cohen, investment specialists in Marcus & Millichap's Ventura office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The team devised a strategy to achieve a higher price and better terms for the seller. This opportunity had immediate interest from numerous investors, sourcing 17 offers within the first several weeks of marketing. The sale achieved record-breaking pricing for vacant drive-thrus in San Luis Obispo County. The Buyer was a QSR developer with a national credit tenant in tow. The seller executed on a complex Reverse/Improvement Exchange which improved his cash flow while lessening his landlord responsibilities and deferring capital gains.
6435 Morro Road in Atascadero, CA is a vacant, single-tenant, freestanding QSR building with an existing drive-thru on the heavily-trafficked Morro Road. The property sits on two parcels combined to make .48 AC of land. There is excellent frontage on Morro Road and visibility from the 101 Freeway.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.