Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 1034 Hempstead Turnpike, a net leased Wendy's restaurant in Franklin Square. The asset sold for $1,700,000 at a cap rate of 2.94 percent, according to John Krueger, regional manager of the firm’s Manhattan office.
An investment sales team led by Matthew Klang and Michael Tuccillo of Marcus & Millichap’s Manhattan office represented the seller, a private partnership. The duo also procured the buyer, a private investor.
“This was another scenario where we were able to add tremendous value for both parties,” says Klang. “Not only did the sellers benefit immensely from exclusively listing this property with us, the buyers found a rare and deliverable opportunity to acquire an excellently located NNN property in a premier market.”
“Aside from the incredible location, we were able to sell the property at an aggressive 2.9% cap rate thanks to creative underwriting, smart marketing, and Marcus & Millichap's powerful platform.” adds Tuccillo.
Ideally located in the vibrant community of Franklin Square, the net-leased property sits on a 0.63 acre lot at a busy signalized intersection on one of Long Island's most bustling retail corridors. The subject property is less than an hour by train or car from Queens, Brooklyn, and Manhattan and affords close proximity to retailers such as Dunkin Donuts, Taco Bell, Chase, Verizon and Citibank. The surrounding area boasts a population of 258,620 and average income of $126,778 within a 3 mile radius.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 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
