Press Releases
Marcus & Millichap Arranges Sale of Net-Leased Andy’s Frozen Custard in Illinois
July 01, 2024
MOKENA, Ill., July 1, 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 a net-leased Andy’s Frozen Custard in Mokena, Illinois. The property sold for $1,715,000.
“We received offers within three days of listing this property on our proprietary technology platform, MNet,” said Nicholas Kanich, first vice president of investments. “Working together with the Palo Alto team, we moved from offer to close within 50 days and sold at 98 percent of the listing price. This was an exceptional opportunity to purchase a new-construction investment property with a 20-year ground lease.”
Kanich, a single-tenant net-lease investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Illinois real estate investment firm, and Kirk Trammel, David Cutler and Joshua Johnson, investment specialists in Marcus & Millichap’s Palo Alto office, procured the buyer, a California-based family trust.
The Andy’s Frozen Custard property is at 11275 W. Lincoln Highway in the Chicago MSA suburb of Mokena. Newly built in 2024, the 2,200-square-foot asset is situated next to national retailers including Meijer, Panda Express and PetSmart. Andy’s Frozen Custard is the largest dessert-only franchise globally, with over 135 locations across the country.
“We received offers within three days of listing this property on our proprietary technology platform, MNet,” said Nicholas Kanich, first vice president of investments. “Working together with the Palo Alto team, we moved from offer to close within 50 days and sold at 98 percent of the listing price. This was an exceptional opportunity to purchase a new-construction investment property with a 20-year ground lease.”
Kanich, a single-tenant net-lease investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Illinois real estate investment firm, and Kirk Trammel, David Cutler and Joshua Johnson, investment specialists in Marcus & Millichap’s Palo Alto office, procured the buyer, a California-based family trust.
The Andy’s Frozen Custard property is at 11275 W. Lincoln Highway in the Chicago MSA suburb of Mokena. Newly built in 2024, the 2,200-square-foot asset is situated next to national retailers including Meijer, Panda Express and PetSmart. Andy’s Frozen Custard is the largest dessert-only franchise globally, with over 135 locations across the country.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
