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 Wendy’s, a 3,306-square-foot net-leased property located in Chelsea, Alabama. The asset sold for $1,292,308.
Jason Fefer, Rob Narchi and Tyler Bindi, investment specialists in Marcus & Millichap’s Los Angeles office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Suzanne Sharbek, Christopher Jackson, Craig Fuller, Erin E. Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices. Eddie Greenhalgh, Alabama Broker of Record, assisted in closing this transaction.
Wendy’s is located at 16056 US-280 in Chelsea, Alabama. The property had 10.7 years remaining on an absolute triple-net lease. It is located across the street from a high trafficked Walmart Supercenter and nearby Publix, Winn Dixie, Dollar Tree, Sherwin Williams, Walgreens, Advance Auto and many more retailers. The buyer was in a 1031-exchange and was able to secure the deal at a favorable cap-rate with a national tenant and long lease term. It was an all-cash transaction that was able to get done in just 19 days from contact to close.