FORT WORTH, TEXAS, June 27, 2016 – 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 Boston’s – Ground Lease, a 7,067-square foot net-leased property located in Fort Worth, Texas, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.
Philip Levy, Senior Director in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured by Mr. Levy.
Boston’s is located at 6501 North Freeway in Fort Worth, Texas, it is a 7,067-square foot single tenant restaurant and sports bar. The absolute triple-net, ground lease has zero landlord responsibilities and has a franchisee guarantee. There are 11 years remaining on the term with two, five-year options for renewal. The lease has 10 percent rent bumps scheduled every five years, including during the option periods. The building was constructed in 2006 and sits on 1.5 acres. Neighboring retailers include Joe’s Crab Shack, 24 Hour Fitness, Starbuck’s, Waffle House, Sprint, Whataburger, Rosa’s Café, Christian Brothers Automotive, Comfort Inn, Holiday Inn Express, Caliber Collision Center, Subway, Smoothie King, Firehouse Subs, McDonald’s, Popeye’s Chicken and others.
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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