April 2, 2024
NORRIS & STEVENS, INC. BROKERS $1.95M INVESTMENT SALE OF FREESTANDING RESTAURANT IN COOS BAY, OREGON
AlpHubbard, LLC recently completed the $1,950,000 purchase of a Burger King drive-thru located at 2021 Newmark Ave in Coos Bay, Oregon.
Constructed in 1992, the approximately 2,824 square foot freestanding drive-thru sits adjacent to Walmart, Staples, and Starbucks. Burger King, a national tenant, has occupied the property since construction and has a long term lease set in place. The property is conveniently located on Newmark Ave (Highway 540) with approximately 8,700 vehicles per day. Southwestern Oregon Community College is situated across the street, with an enrollment of 1,534 students.
Todd VanDomelen and Mike Brown with Portland-based Norris & Stevens, Inc. represented the Buyer, and Clayton Brown with Marcus & Millichap represented the Seller, Ternik LLC, in the transaction. The Norris & Stevens’ brokers negotiated with the Buyer on selling a property and conducting a 1031 exchange involving the purchase of this property.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 5.9 million square feet of commercial space and 10,250 apartment units.
