The Ben-Moshe Brothers of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a single tenant net leased Dunkin’ Donuts, paired with a 15-year absolute triple-net (NNN) lease in Largo, Florida. The property, comprised of 39,204 square feet, sold for $1,861,472 according to Scott K. Lunine, vice president and regional manager of the firm’s Miami office.
The asset is located on Ulmertonroad, a high traffic area with 49,300 vehicles per day. In addition, this Dunkin’ Donuts is in a dense residential and industrial areas. It is minutes from St. Pete–Clearwater International Airport. The buyer was a private investor from New York who completed a 1031 exchange valued at approximately $17M. The buyer acquired more assets throughout the state and this demonstrates strong capital migration into the state of Florida.
Roee Ben-Moshe (to the left) and Leeor Ben-Moshe (to the right). The Ben-Moshe brothers are based out of the Miami Office of Marcus & Millichap.
The seller , was exclusively represented by Roee E. Ben-Moshe and Leeor S. Ben-Moshe. The two brothers are net leased specialists in the Miami office of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. The Ben-Moshe brothers have extensive experience in the disposition of Single Tenant Net-Leased assets, Quick Service Restaurants (QSR), Retail Shopping Centers and Sale-Leasebacks nationwide.
“We are pleased to announce the sale of the Dunkin’ Donuts property,” says Leeor Ben-Moshe. “We were able to generate multiple offers from 1031 buyers for this unique asset. More investors were inquiring about this asset morethan any of our other investments due to Dunkin’ Donuts strengthening popularity in the state of Florida.”
Roee Ben-Moshe adds, “Despite the slower momentum in 4th quarter of 2017, we were pleasantly surprised by the strength of the market 1st quarter of 2018. Capital migration is key in this market, buyers from California, New York, Venezuela, Argentina, Brazil, Asia, and Turkey are in continuously compressing cap rates. Mostly for wealth preservation and in search of yield.”
To contact the Ben-Moshe Brothers of Marcus & Millichap, please visit their website www.caprates.com
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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
