Marcus & Millichap announced the sale of a net-leased restaurant property occupied by Storming Crab in Rockford, Illinois.
“This offering generated significant investor interest due to the property’s strong operating performance, prime location and the limited supply of comparable retail assets in the market,” said Brian Parmacek, managing director of investments. “The asset received multiple offers above the asking price, ultimately attracting a private investor focused on securing long-term cash flow and income generation.”
Parmacek, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, RCJD Canyon Crest, LLC, and procured the buyer, MBOGO Properties, LLC. The 5,860-square-foot freestanding property is located at 6779 E. State St. and is occupied by Storming Crab, a chain of casual restaurants specializing in Cajun-style seafood boils.
The restaurant is surrounded by national retailers, including Target, ALDI, Ulta Beauty, Hobby Lobby, Burlington and PetSmart and is less than a half-mile from Hard Rock Casino Rockford.
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