Press Releases
Marcus & Millichap Arranges The Sale Of A Single-tenant Medical Office In Dearborn, Mi
October 20, 2022Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a single-tenant Pizza Hut located in Traverse City, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $1,200,000, or $363.75/SF.
Ashish Vakhariya, Seth Haron and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the seller. “The tenant is one of the largest Pizza Hut Franchisees (94-units total). The property is an outparcel to a Lowe’s and well positioned on US-31 (22,439 VPD). The property is also adjacent to the Grand Traverse Mall and other large retailers including Walmart, Home Depot, Kohl’s, Bed Bath & Beyond, and many others. Great Wolf Lodge, a large family resort, arcade and indoor water park, sits less than a mile north of the asset and drives visitors in from all across the state.” says Ashish Vakhariya, First Vice President Investments & Director, National Retail Group/Net Leased Properties Group. “Our marketing efforts resulted in multiple offers and the buyer was sourced within the first 2 days of listing the property for sale.”
In the past twenty-four months, Ashish Vakhariya, Seth Haron and Darin Gross have sold or have under contract to sell, $145 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
