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Marcus & Millichap sells net-leased Storming Crab property in Rockford
The 5,860-square-foot freestanding restaurant at 6779 E. State St. sold after receiving multiple offers above the asking price, drawing a private investor focused on long-term cash flow.
Marcus & Millichap announced the sale of a net-leased restaurant property occupied by Storming Crab in Rockford, Illinois, according to ConnectCRE.
ConnectCRE said the deal generated investor interest driven by the asset's strong operating performance, prime location, and limited supply of comparable retail assets in the market, with the property ultimately receiving multiple offers above the asking price.
The firm said the transaction involved an exclusive listing handled by investment specialist Brian Parmacek in Marcus & Millichap's Chicago Downtown office on behalf of the seller, RCJD Canyon Crest, LLC, and that MBOGO Properties, LLC purchased the asset.
ConnectCRE noted the property spans 5,860 square feet at 6779 E. State St., with Storming Crab operating there, and the location sits near retailers including Target, ALDI, Ulta Beauty, Hobby Lobby, Burlington, and PetSmart, and less than half a mile from Hard Rock Casino Rockford.