A 2,916-square-foot Taco Bell property in Chattanooga sold for $1.5 million.
Grant Fitzgerald, regional manager of Marcus & Millichap’s Cleveland and Columbus offices, said the sale was managed by the commercial real estate brokerage firm.
Dustin Javitch, Craig Fuller, Erin E. Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a partnership. Jody McKibben, Tennessee Broker of Record, assisted in closing this transaction.
Mr. Javitch said, “This was a highly successful transaction as we were able to achieve an exceptionally low 4.04 percent cap rate during a period where interest rates are rising at historical levels”.