Marcus & Millichap : Sells 189,864 SF Newington Retail Center for $16.7M
May 02, 2024 at 03:06 pm IST
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Marcus & Millichap Sells 189,864 SF Newington Retail Center for $16.7M
April 30, 2024
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NEWINGTON, Conn. April 30, 2024 - 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 Newington Commons, a 189,864-square-foot retail center, in Newington, Connecticut, for $16,707,617.
"The challenge in selling Newington Commons was finding a buyer comfortable with solving the complex short-term leases and having the vision to see the upside potential the property offers." said Joseph French Jr.
French and Kodi Traver, investment specialists in Marcus & Millichap's Westchester office, in collaboration with Pierre Bonan from Mission Capital Advisors, a subsidiary of Marcus & Millichap, had the exclusive listing to market the property on behalf of the receiver, Gregg Williams of Trident Pacific Real Estate Group LLC, and procured the buyer, a private investor.
"This collaborative effort between Marcus & Millichap and its loan sale advisory division, Mission Capital Advisors, delivered a great result for the CMBS Trust that held the senior debt on the property and is another example of Marcus & Millichap's acquisition of Mission Capital benefiting the firm's clients," added Bonan.
Newington Commons is located at 172-206 Kitts Lane, situated on the Berlin Turnpike, a major commercial thoroughfare just eight miles south of Hartford. Anchored by Stop & Shop, the property boasts a 65% occupancy rate and is occupied by other tenants including Planet Fitness and Petco.
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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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on
30 April 2024 and is solely responsible for the information contained therein. Distributed by
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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.
MARCUS & MILLICHAP, INC. 
