Marcus & Millichap Inc.
11/03/2026 | Press release | Distributed by Public on 11/03/2026 16:47
Marcus & Millichap Brokers $2.23M Sale of Chili's Triple-Net Ground Lease Property in Tulare, California
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Marcus & Millichap Brokers $2.23M Sale of Chili's Triple-Net Ground Lease Property in Tulare, California
November 03, 2026
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TULARE, Calif., Nov. 3, 2026 - 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 6,102-square-foot, triple-net-leased Chili's Grill & Bar property in Tulare, California. The property sold for $2,227,965, or $365.12 per square foot.
"This transaction provided the buyer with an opportunity to acquire an income-producing property leased to a nationally recognized restaurant brand," said Eddie Nelson II, associate investments. "Chili's has demonstrated strong sales performance, while the property's location along Prosperity Avenue, a well-established retail corridor, continues to benefit from surrounding national retailers and population growth in Tulare. We expect these factors to support continued retail demand in the area."
Nelson II and Ed Nelson, investment specialists in Marcus & Millichap's Sacramento office, represented the seller, Kevin and Estella Ferguson, and procured the buyer, Jarmideo LLC.
Built in 2006, the property is located at 1292 E. Prosperity Ave. on a 1.40-acre parcel and operates under a triple-net ground lease. The property is situated near Walmart and Home Depot along a retail corridor that sees approximately 20,378 vehicles per day. The lease includes a five-year renewal option with a 10 percent rent increase.
"This transaction provided the buyer with an opportunity to acquire an income-producing property leased to a nationally recognized restaurant brand," said Eddie Nelson II, associate investments. "Chili's has demonstrated strong sales performance, while the property's location along Prosperity Avenue, a well-established retail corridor, continues to benefit from surrounding national retailers and population growth in Tulare. We expect these factors to support continued retail demand in the area."
Nelson II and Ed Nelson, investment specialists in Marcus & Millichap's Sacramento office, represented the seller, Kevin and Estella Ferguson, and procured the buyer, Jarmideo LLC.
Built in 2006, the property is located at 1292 E. Prosperity Ave. on a 1.40-acre parcel and operates under a triple-net ground lease. The property is situated near Walmart and Home Depot along a retail corridor that sees approximately 20,378 vehicles per day. The lease includes a five-year renewal option with a 10 percent rent increase.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
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