Sandelin Group of Marcus & Millichap Completes 9-Property Triple-Net Lease Portfolio Sale
MIAMI, March 25, 2021 – 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.
“These types of absolute triple-net investments offer investors a secure stream of passive income and the residual value of owning fee simple real estate,” added D’Alba. Marcus & Millichap’s brokers of record in Texas and Florida are, respectively, Tim Speck and Ryan Nee.
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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 8,954 transactions in 2020 with a value of approximately $43 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.