Marcus & Millichap: $1,028,571 net leased property sold in Sturgeon Bay, WI

STURGEON BAY, WISCONSIN, March 14, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale/leaseback of Jimmy John’s, a 1,650-square foot single-tenant net-leased property located in Sturgeon Bay, Wisconsin, according to Josh Caruana, regional manager of the firm’s Indianapolis office. The asset sold for $1,028,571 at a cap rate of 6.85 percent, with a 10-Year Absolute NNN lease commenced at close of escrow.

Damien Yoder and Madison Harman, both Directors of the Net Leased Properties Group and investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, an out of state private investor, was secured and represented by Tom Gommels, an investment specialist in Marcus & Millichap’s Minneapolis office. Todd Lindblom, Wisconsin Broker of Record, assisted in closing this transaction.

Jimmy John’s is located at 845 Egg Harbor Rd in Sturgeon Bay, Wisconsin. The property was built in 1995 and rebuilt to suit for Jimmy John’s in 2017. This store location has seen year-over-year increases in sales volume and the 1 unit operator had multiple years of restaurant ownership experience.