Marcus & Millichap completes the sale of $1.8 million net-leased property
SADDLE BROOK, NJ — Marcus & Millichap announced the sale of Burger King, a 3,861 s/f net-leased property located in Sanford, FL, for $1.8 million, according to Brian Hosey, regional manager of the firm’s New Jersey office.
John Sala, associate and Karly Iacono, associate, investment specialists in Marcus & Millichap’s New Jersey office represented and secured the buyer, a private investor. Kirk Felici, broker, assisted in closing this transaction.
The Burger King ground lease is located at 3788 S. Orlando Dr. in Sanford, FL which is in the Orlando MSA.
“The buyer was in a 1031 exchange and looking for long-term stability,” said Iacono. “We were able to help them secure a property that offered a corporate guarantee and rent increases in what is still a supply-constrained net-leased market.”