The Knipp Wolf Net Lease Group of Marcus & Millichap Announces the Sale of a Triple-Net Lease Red Robin in Bellingham, Washington

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a triple-net Red Robin in Bellingham, Washington according to Tim A. Speck, division manager in the firm’s Dallas office.

Ryan Wolf, First Vice President Investments, and Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, represented a repeat client in the purchase, which completed their 1031 exchange. Joel Deis, the Broker of Record for Washington, assisted in closing this transaction.

“We successfully helped our client exit a dark Capital One that would have required costly redevelopment,” said Wolf. “Through a strategic exchange, we not only secured a replacement property, but also significantly increased their cash flow. Our client now enjoys the stability of a corporately guaranteed lease with Red Robin, which includes a hedge against inflation with annual rent escalations of 2.5%.”

Bellingham, Washington is a coastal town known for its thriving college scene. With a total of eight, four-year public colleges in the surrounding region, these colleges collectively cater to a significant student population, with approximately 26,599 students enrolled in various undergraduate programs.

According to Wolf, “This is a 10-year deal with great fundamentals in a tax-free state. Red Robin is located on an elevated hard corner at a signalized intersection in front of Bells Fair Mall.

Red Robin is located at 100 W Telegraph Road, Bellingham, Washington.