Sandelin Group of Marcus & Millichap Completes 9-Property Triple-Net Lease Portfolio Sale
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 five Pollo Tropical and four Texas Taco Cabana restaurants. Located throughout Florida and Texas, the triple-net-leased assets sold for a combined price of $21.4 million.
“The recognized name brands of Pollo Tropical and Taco Cabana, with decades of business history and long-term leases drew prospective buyers from all over the United States and South America,” said Scott Sandelin, Senior Vice President Investments in Marcus & Millichap’s Miami office. “Each property was leased on an absolute net basis, with the tenant fully responsible for all expenses, including the roof and structure, real estate taxes, common area maintenance, and insurance”. Scott Sandelin and Alex D’Alba represented the seller.