Press Releases
Marcus & Millichap Arranges The Sale Of A Starbucks With Drive-thru In Royal Oak, Michigan
May 18, 2023Marcus & 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 Starbucks in Royal Oak, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $2,200,000 or $1,208.79/SF.
Darin Gross, Ashish Vakhariya, and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the buyer and seller. “The property has a strategic location with high visibility on Woodward Ave across from Beaumont Royal Oak Hospital and Woodward Corner Market with a direct residential consumer base. The tenant exercised a renewal option early and ranks within the top 13 percent of all U.S. locations per Placer.ai.” says Darin Gross, Senior Associate, National Retail Group/Net Leased Properties Group. “The asset’s exceptional location and recent lease extension drove strong investor interest. Our marketing efforts generated multiple offers, procuring an all-cash buyer and resulted in a 55-day contract-to-close.”
In the past twenty-four months, Darin Gross, Ashish Vakhariya, and Seth Haron have sold or have under contract to sell, $184.9 Million of medical office and retail investment properties throughout numerous states spanning the eastern half of the U.S. and beyond.
