Press Releases
Marcus & Millichap Arranges Sale of a Spokane Valley Net-Leased Property
June 24, 2024
SPOKANE VALLEY, WA, June 24, 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 Olive Garden Ground Lease, a 7,794 square foot net-leased property located in Spokane Valley, Washington. The asset sold for $2,307,692.
The buyer, a limited liability company, was secured and represented by Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap’s Seattle office. Olive Garden Ground Lease is located at 14742 East Indiana Ave in Spokane Valley, Washington. The property features a long-term commitment with an initial 10-year term, including 7.0 years remaining as the primary term, with scheduled rental increases every 5 years. There are 4 remaining 5-year options available. It is a strong-performing Olive Garden location, currently ranked #9 out of 19 in Washington and #262 out of 867 nationally according to Placer.ai data. Additionally, the lease currently includes percentage rent provisions.
The buyer, a limited liability company, was secured and represented by Clayton J. Brown and Ruthanne Loar, investment specialists in Marcus & Millichap’s Seattle office. Olive Garden Ground Lease is located at 14742 East Indiana Ave in Spokane Valley, Washington. The property features a long-term commitment with an initial 10-year term, including 7.0 years remaining as the primary term, with scheduled rental increases every 5 years. There are 4 remaining 5-year options available. It is a strong-performing Olive Garden location, currently ranked #9 out of 19 in Washington and #262 out of 867 nationally according to Placer.ai data. Additionally, the lease currently includes percentage rent provisions.
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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.
