Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale/leaseback of five International House of Pancakes restaurants in Indiana.
The total sales price is $13,148,014.
“Utilizing our extensive database, we sourced the perfect all-cash private capital buyer and provided the seller with the necessary time to close the business side of the deal prior to completing the real estate portion of the transaction,” says Jamie Medress, senior vice president investments in Marcus & Millichap’s Phoenix office.
Medress, along with Mark Ruble, also a senior vice president investments in Phoenix, represented both parties in the transaction.
Josh Caruana, vice president and regional manager of Marcus & Millichap’s Indianapolis office, is the firm’s broker of record in Indiana.
Two of the properties are located in Indianapolis. The others are in Columbus, Lafayette and Fishers. All are on corporate-guaranteed triple-net leases with between 18 and 20.5 years remaining.