Press Releases
Marcus & Millichap Facilitates Sale of IHOP Property in DeLand, Florida
March 18, 2025
DELAND, Fla., March 18, 2025 – 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 net-leased IHOP property in DeLand, Florida.
“This transaction presented unique challenges due to outstanding liability, but we were able to structure a successful deal that met both parties’ objectives,” said Donald Gilchrist, first vice president investments. “The seller, who held the property for a long period, sought to capitalize on its strong market position, while the experienced buyer from North Carolina, in a 1033 exchange, recognized its high-performance ranking and prime location.”
Gilchrist and Nico Kerman, investment specialists in Marcus & Millichap’s Raleigh office, represented the buyer. Ryan Nee is the firm’s broker of record in Florida.
Located at 1215 N. Woodland Blvd., the 0.72-acre property was built in 1977 and is occupied by IHOP under a 15-year triple-net lease. Renovated in 2019, the site sees high traffic, with more than 33,500 vehicles per day, and ranks in the 91st percentile nationwide for IHOP visits. Located in a dense retail and residential corridor, it is 0.8 miles from Stetson University and near major retailers such as Publix, Walmart and Lowe’s.
“This transaction presented unique challenges due to outstanding liability, but we were able to structure a successful deal that met both parties’ objectives,” said Donald Gilchrist, first vice president investments. “The seller, who held the property for a long period, sought to capitalize on its strong market position, while the experienced buyer from North Carolina, in a 1033 exchange, recognized its high-performance ranking and prime location.”
Gilchrist and Nico Kerman, investment specialists in Marcus & Millichap’s Raleigh office, represented the buyer. Ryan Nee is the firm’s broker of record in Florida.
Located at 1215 N. Woodland Blvd., the 0.72-acre property was built in 1977 and is occupied by IHOP under a 15-year triple-net lease. Renovated in 2019, the site sees high traffic, with more than 33,500 vehicles per day, and ranks in the 91st percentile nationwide for IHOP visits. Located in a dense retail and residential corridor, it is 0.8 miles from Stetson University and near major retailers such as Publix, Walmart and Lowe’s.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
