Marcus & Millichap has successfully facilitated the sale of a 4,480-square-foot net-leased property in Springfield, Illinois. The asset was sold for $2,375,000 and featured an absolute triple-net lease with a top franchisee and 10 percent rental increases every five years.
Executive Managing Director of Investments Mark Ruble and Senior Managing Director of Investments Chris Lind from Marcus & Millichap’s Phoenix office expertly marketed the property on behalf of the seller – a limited liability company. Steven Weinstock served as Illinois broker of record to assist in closing this transaction.
The IHOP is situated at 2600 Sunrise Drive near Capital City Shopping Center which boasts popular tenants such as AMC, Big Lots, Panera Bread and McDonalds. It also offers convenient access to several hotels within walking distance while being centrally located just a short drive from downtown Springfield and University of Illinois Springfield.
For more information about Connect Industrial Midwest taking place on March 5th at Joe’s Live in Rosemont,Illinois click here to register now!
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