CRE Midwest

Marcus & Millichap arranges the sale of a 7,000 SF net-leased property

mm-auto
300 Broadway Drive

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Advance Auto Parts, a 7,000 square-foot net-leased property located in Hattiesburg, MS

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Advance Auto Parts, a 7,000 square-foot net-leased property located in Hattiesburg, MS, according to Steven D. Weinstock, Vice President / Regional Manager of the firm’s Chicago Oak Brook office. The asset sold for $749,500.

Dominic Sulo, Austin Weisenbeck and Sean R. Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Elizabeth Williams, Broker, assisted in closing this transaction.

Advance Auto Parts 300 Broadway Drive sold at 97 percent of its original list price. The property is located on Section 16 land and is, therefore, a Section 16 ground lease. This is a 99 year ground lease that commenced in March of 1947 with the Board of Supervisors of Forrest County, Mississippi. There is no expense on the ground lease. Advanced Auto is a nationally rated tenant, showing a BBB- credit rating and a net worth of $9.17 million. They are responsible for all expenses except the roof and structure.