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Marcus & Millichap Facilitates Sale of Texas IHOP with Long Operational History and New 15-Year Lease

June 11, 2024

HOUSTON, June 11, 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 IHOP, a 5,677-square-foot building with a new 15-year lease located on Interstate-45 in Spring, Texas. 

John Paine of Marcus & Millichap’s Dallas office had the exclusive listing to market the property on behalf of the seller, to whom Paine previously sold the property in 2022. The buyer was a 1031 exchange buyer from California, also secured by Paine. “This was a full circle moment with John Paine, who got us into the deal originally and helped us execute our exit strategy in the sale,” said Andrew Ziffer, partner at Greenleaf Capital. 

Located at 25619 Interstate-45, the property is operated by the largest IHOP franchisee in the country, with approximately 300 units. The IHOP location has a successful operational history of more than 20 years.


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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

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