Marcus & Millichap Announces Sale of Vacant 1,893 Square Foot Drive-Thru Restaurant

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Marcus & Millichap Arranges Sale of Vacant 1,893 Square Foot Drive-Thru Restaurant Property

August 10, 2022

ATASCADERO, CA, August 10, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced the sale of 6435 Morro Road, an 1,893 foot retail property located in Atascadero, CA. The asset sold for $1,750,000.

Nolan Tooley, James DeBuiser and Gary Cohen, investment specialists from the Ventura office of Marcus & Millichap, had the exclusive list to market the property on behalf of the seller, an individual/personal trust. The team devised a strategy to obtain a higher price and better terms for the seller. This opportunity attracted immediate interest from many investors, who selected 17 offers during the first weeks of marketing. The sale reached a record price for vacant drive-thru in San Luis Obispo County. The buyer was a QSR developer with a national credit tenant in tow. The seller executed a complex reverse/enhancement swap that improved its cash flow while reducing its owner liabilities and deferring capital gains.

6435 Morro Road in Atascadero, CA is a vacant, single-tenant, stand-alone QSR building with an existing drive-thru on busy Morro Road. The property sits on two parcels combined to make .48 AC of land. There is excellent frontage on Morro Road and visibility from the 101 freeway.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and finance professionals in 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.

Disclaimer

Marcus & Millichap Inc. published this content on August 10, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 10, 2022 11:10:02 PM UTC.

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All the news from MARCUS & MILLICHAP, INC.

2022 sales 1,491 million

Net income 2022 158M

Net debt 2022

PER 2022 ratio 10.1x
2022 return 3.80%
Capitalization 1,576 million
1,576 million
capi. / Sales 2022 1.06x
capi. / Sales 2023 0.93x
# of employees 801
Floating 96.7%

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Medium consensus SALE
Number of analysts 1
Last closing price $39.46
Average target price $30.00
Average Spread / Target -24.0%


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