Marcus & Millichap Brokers Sale of IHOP in Springfield
Marcus & Millichap closed the sale of an IHOP, a 4,480-square-foot net-leased property located in Springfield, Illinois. The asset sold for $2,375,000.
Mark Ruble, executive managing director of investments, and Chris Lind, senior managing director of investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Illinois broker of record, Steven Weinstock, assisted in closing this transaction, including an absolute triple-net lease with a top franchisee and 10 percent rental increases every five years with multiple renewal options.
The IHOP is located at 2600 Sunrise Drive, just north of Capital City Shopping Center which has tenants such as AMC, Big Lots, Panera Bread and McDonald’s. It sits within walking distance of several hotels and is in a central location within a 10-minute drive of downtown Springfield and the University of Illinois Springfield.
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Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.