Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Burger King, a 2,348 square-foot net-leased property located in Philadelphia, PA. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $1,350,000.
Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Derrick Dougherty and Scott Woodard. “It was a collective effort by all parties involved. Both the sellers and buyers should be commended and acknowledged for their professionalism and patience throughout the transaction period during the COVID-19 era. This asset stood tall through some particularly challenging times and the tenant remained open and paying rent throughout the duration of the last 6 months.”, said Woodard.
Burger King is located at 701 W Lehigh Ave in Philadelphia, PA. The Property benefits from its established location in the North Philadelphia submarket, only 3 miles from Center City Philadelphia. The Property is strategically located along Lehigh Avenue, a primary retail corridor, offering the property exceptional visibility with traffic counts upwards of 17,000 vehicles per day. “This was a rare opportunity to acquire an asset in a dense infill Philadelphia neighborhood with a strong Burger King Franchisee for under $2,000,000.”, said Woodard
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.
