Marcus & Millichap closed the sale of an IHOP, a 4,480-square-foot net-leased property located in Springfield, Illinois. The asset sold for $2,375,000.
Mark Ruble, executive managing director of investments, and Chris Lind, senior managing director of investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Illinois broker of record, Steven Weinstock, assisted in closing this transaction, including an absolute triple-net lease with a top franchisee and 10 percent rental increases every five years with multiple renewal options.
The IHOP is located at 2600 Sunrise Drive, just north of Capital City Shopping Center which has tenants such as AMC, Big Lots, Panera Bread and McDonald’s. It sits within walking distance of several hotels and is in a central location within a 10-minute drive of downtown Springfield and the University of Illinois Springfield.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
