Marcus & Millichap Sells Syracuse STNL Property For $1,575,000
FOR IMMEDIATE RELEASE
Contact: J.D. Parker
First Vice President - Regional Manager, Westchester
SYRACUSE, N.Y., May 29, 2014– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Denny's, a 4,947 square-foot net-leased property located in Syracuse, N.Y., according to J.D. Parker, regional manager of the firm’s Westchester office. The asset sold for $1,575,000.
Joseph French and Roger Reddy Jr., both in Marcus & Millichap’s Westchester office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a developer, was secured and represented by French and Reddy Jr.
Denny's is located at 3414 Erie Blvd E in Syracuse, N.Y. “The last time this property traded was at an 11.79% cap rate. The closing cap rate for this deal was a 6.35% cap rate.” says Reddy. “Therefore, we believe that the single tenant net-leased market is the hottest that it has ever been and buyers have demonstrated that they are willing to offer more aggressive cap rates for these types of retail real estate assets.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 over 6,600 transactions in 2013 with a value of approximately $24 billion. The company 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
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