Marcus & Millichap brokered the sale of a 4,480-square-foot net-leased IHOP property in Springfield, Illinois. The asset sold for $2.375 million.
Mark Ruble, executive managing director investments, and Chris Lind, senior managing director investments, in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Illinois broker of record, Steven Weinstock, assisted in closing this transaction, including an absolute triple-net (NNN) lease with a top franchisee and 10% rental increases every five years with multiple renewal options.
IHOP is located at 2600 Sunrise Drive in Springfield, just north of Capital City Shopping Center.
