Marcus & Millichap : Announces the Sale of a 3,720-Square-Foot Retail Property in Toledo
June 13, 2023 at 10:24 pm EDT
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Marcus & Millichap Announces the Sale of a 3,720-Square-Foot Retail Property in Toledo
June 13, 2023
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TOLEDO, Ohio, June 13, 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 Starbucks & Verizon Center, a 3,720-square-foot retail property located in Toledo, Ohio. The asset sold for $2,185,000.
Suzanne Sharbek, Christopher Jackson, Erin E. Patton, Craig Fuller, and Scott Wiles, investment specialists in Marcus & Millichap's Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Starbucks & Verizon is located at 1260 S Reynolds Road in Toledo, Ohio. Both tenants have been occupying the space since the property was built in 2007. Starbucks and Verizon were both in the first five-year option period, with two years remaining for Verizon and four years remaining for Starbucks.
"We received multiple offers within the first week of marketing and ended up having the top two buyers compete in a bidding war" said Sharbek, the lead agent on the transaction. "We accepted an all-cash offer with 14-day DD from a 1031-exchange buyer out of California. The market remains competitive for assets like this with strong real estate fundamentals."
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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 13 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2023 02:23:03 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.