Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Chili’s Grill &Bar, a 5,790-square foot net-leased property located in Alexandria, Va., according to Bryn D. Merrey, regional manager of the firm’s Washington, D.C. office. The asset sold for $3,351,000, above its original list price. The price also represents a capitalization (cap) rate of 5.42 percent.
Josh Ein, senior associate, along with Dean Zang and Mark Taylor, both senior vice president investments in the firm’s Washington, D.C. and Philadelphia offices, had the exclusive listing to market the property on behalf of a private local developer. Zang, Taylor, and Ein, specialize in the acquisition and disposition of shopping centers in the Mid-Atlantic region and net-leased investments throughout the country.
“Marcus & Millichap’s cooperative platform enabled us to drive multiple offers on the property resulting in a sale price above the original asking amount and a completed closing in 45 days of going under contract,” Ein says.
The property, which was built the property in 2005, recently exercised their first five year option. The buyer, a local investment group, was involved in a 1031 exchange and was attracted to the strength of the location and long term value of the underlying real estate.
“This sale exemplifies a trend in the net-leased market as properties within major metropolitan areas are achieving much lower caps rates than similar offerings in smaller markets,” Ein explains. “There is a flight to quality among investors.”
The Chili’s Bar & Grill is located at 6601 Richmond Highway within Fairfax County, the most populous county of the Commonwealth of Virginia. This Richmond Highway corridor is packed with other retail options and sees over 63,000 vehicles per day.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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
