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Marcus & Millichap Closes Deal on 5,127-SF Hooters for $4M

October 01, 2021

SCHAUMBURG, IL, September 30, 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 Hooters, a 5,127-square-foot net-leased property on 1.25 Acres (54,450 SF) of land located in Schaumburg, IL, according to Ryan Nee, first vice president/district manager of the firm’s Miami office. The asset sold for $4,050,000. 

Edward Romo, Giovanni Gaviria and Scott Sandelin, of the Sandelin Group of Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a local limited liability company, was also secured and represented by Romo, Gaviria and Sandelin. Steven D. Weinstock, broker of record in the Marcus & Millichap Illinois office, assisted in the transaction. 

“We were able to generate several competitive offers within a short period of time from the listing of the property and marketing the asset. Many offers came from out of state capital, and the seller decided to move forward with a local buyer who has a strong knowledge of the area,” said Gaviria.  

Hooters is located at 1110 Perimeter Dr in Schaumburg, IL, directly in front of Woodfield Mall, the largest shopping mall in Illinois. It is operated by Hooters Management Corporation and currently has more than 14 years of triple-net lease term remaining.

 

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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.

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