Marcus & Millichap : Announces the Sale of Boardman Center Plaza, a 136,500-Square-Foot Shopping Center in Youngstown, Ohio
June 07, 2023 at 01:50 pm EDT
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Marcus & Millichap Announces the Sale of Boardman Center Plaza, a 136,500-Square-Foot Shopping Center in Youngstown, Ohio
June 07, 2023
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YOUNGSTOWN, Ohio, June 7th, 2023 - 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 Boardman Center Plaza, a 136,500-square-foot mall-shadowed regional shopping center located in Youngstown, Ohio. The asset sold within five percent of its list price.
Scott Wiles, Erin Patton, and Craig Fuller, senior managing directors in Marcus & Millichap's Columbus and Cleveland offices, exclusively marketed the listing for the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor. The buyer was awarded the deal after a competitive bidding process with multiple offers.
Boardman Center Plaza is located at 7334 Market Street in Youngstown, Ohio. The asset was 52 percent occupied at the time of sale with strong value-add and redevelopment potential of its sole vacancy - a 65,878-square-foot retail box.
Boardman Center Plaza tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet, Harbor Pet Center, and more. Included in the sale was a two-tenant outparcel building leased to Five Guys and Jimmy John's. The property is located directly across the street from Southern Park Mall with Macy's, JCPenney, Planet Fitness, H&M, Hibbett Sports, dozens of shop retailers and restaurants, and the newly developed DeBartolo Commons, a $30 million outdoor community space.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 07 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2023 17:49:03 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.