Marcus & Millichap Real Estate Investment Services recently completed the sale of an Arby’s ground lease, a 3,300-square-foot single-tenant net-leased property that sits on one acre in Belleville, Ill.
The asset commanded a sales price of $780,000 and a capitalization rate of 7.5.
Judson Kauffman and Glen Kunofsky, investment specialists in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private developer. The tenant, an Arby’s franchise, exercised its right of first refusal.
The Arby’s ground lease sits as an outpost to a Home Depot/Target-anchored shopping center, and was built to sell.
“Our marketing drove many offers, which achieved the seller a higher price than the tenant was originally willing to pay,” said Kauffman.
