Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Krispy Kreme, a 4,888-square foot net-leased property located in Erie, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $2,340,000.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The sellers are repeat clients of ours and were total professionals throughout the process. They were extremely responsive and worked hand in hand with all parties for a smooth closing.” said Krantz. The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Mark Krantz. “The purchaser was attracted to this asset due to the quality of the location, long term lease, and Krispy Kreme’s business model. I am confident this will be a great addition to their portfolio as they own a majority of the retail located along Peach Street.” noted Krantz.
Krispy Kreme is located at 7501 Peach St in Erie, PA. The Property featured an absolute triple net (NNN) lease, attractive rental increases, strong roots in the submarket since 2003, and a recent remodel in 2018. “Krispy Kreme has been in the Erie Pennsylvania submarket for over 15 years where they recently remodeled and extended the lease. Furthermore, the underlying real estate fundamentals are phenomenal; it is an outparcel to a Home Depot along the submarkets busiest retail corridor.” said Dougherty. Krispy Kreme is located on Peach Street, a heavily trafficked primary retail thoroughfare with average traffic counts exceeding 23,186 vehicles per day. This location also benefits from its strategic positioning as an outparcel to Home Depot and its proximity to national retailers such as Walmart, Sam’s Club, Lowes, Target, and Wegmans. This location caters to the surrounding stable middle-class demographics with an average household income of $77K in a 3 mile radius & 111K residents within a 5 mile radius.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.
