The Wendy’s at 100 Newland Rd. in Columbia has been sold by Marcus and Millichap, a leading commercial real estate investment services firm, for $2.4 million which reflects a capitalization rate of 5.82 percent.
The listing was marketed by Harrison Creason and Drew Babcock, investment specialists at Marcus & Millichap’s Columbia office.
“Marcus & Millichap’s national platform blanketed the market and ultimately brought a motivated 1031-buyer from California who had just sold a multifamily portfolio,” Creason said.
The private investor who bought the property was represented by Reza Ghaffari from Marcus & Millichap’s Ontario, California office. The property received multiple offers during the bidding process and sold for 98 percent of the original list price of $2,425,000 and the closing was completed within 60 days.
“The solid yield and hands-off management made this an ideal exchange property for this buyer,” Creason said, adding that both the buyer and seller planned on 1031 exchanges.
The Wendy’s will be fully remodeled to continue to bring in the traffic from nearby Interstate 20.
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