Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Long John Silver's, a 2,759-square foot net-leased property located in Rockwall, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Vincent Knipp and James W. Pickett III, investment specialists in Marcus & Millichap’s Dallas and Fort Worth offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Knipp.

“This was an interesting deal due to the prime real estate in Rockwall and the short term lease that was in place. Short Term lease deals are always tricky and tend to get the same question, what is the likelihood of the tenant staying? At the end of the day, we had it priced right, where the cap rate would attract the right buyer that would see the value in the properties location and ultimately close the deal. Whether it be a long-term or short-term lease, we deliver for our clients and we can deliver for you,” commented Pickett.

Long John Silver's is located at 2608 Ridge Rd in Rockwall, Texas.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.