The bank's investment nearly matches the land cost at slightlymore than $1.6 million, "and the building eventually reverts to theland owner," says Matthew Gorman of the Philadelphia office ofMarcus & Millichap. "The cap rate was 6.5%," he tellsGlobeSt.com, "And the buyer has a guaranteed income stream. The20-year lease carries increases every five years and also includesoptions to extend," he adds.
Gorman and his brother, Thomas Gorman, of the same office werelisting agents for the property and also secured the buyer. BrianParmacek and Stephen Rachman of Marcus & Millichap's Chicagooffice represented Lawruk in the negotiations.
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