Press Releases
Marcus & Millichap Announces the Sale of Two IHOP Net-Leased Properties in Lancaster & Palmdale, California
March 14, 2024
LANCASTER & PALMDALE, Calif., March 14, 2024 – 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 two IHOP locations in Lancaster and Palmdale, California, each asset sold for $3,408,000, totaling $6,816,000.
“The seller wanted to execute these sale leasebacks to free up capital to continue to expand his IHOP footprint throughout his portfolio,” said Andre R. Thompson, senior associate at Marcus & Millichap’s Orange County firm. Thompson, along with Peter Deltondo, senior managing director of investments in the firm’s Orange County office, had the exclusive listing to market the properties on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Thompson and Deltondo,
The properties are located at 39176 10th Street West in Palmdale, California and 1650 West Avenue K, Lancaster, California. The deal terms consisted of a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Both IHOPs had a great operating history at these locations and were in strong retail corridors with major retailers in the area showing the strength of their individual locations.
“The seller wanted to execute these sale leasebacks to free up capital to continue to expand his IHOP footprint throughout his portfolio,” said Andre R. Thompson, senior associate at Marcus & Millichap’s Orange County firm. Thompson, along with Peter Deltondo, senior managing director of investments in the firm’s Orange County office, had the exclusive listing to market the properties on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Thompson and Deltondo,
The properties are located at 39176 10th Street West in Palmdale, California and 1650 West Avenue K, Lancaster, California. The deal terms consisted of a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Both IHOPs had a great operating history at these locations and were in strong retail corridors with major retailers in the area showing the strength of their individual locations.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
