Marcus & Millichap Arranges the Sale of a 11,589-Square Foot Office Building in Centennial, CO

CENTENNIAL, CO, September 5, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Offices of Southglenn, a 11,589-square foot office property located in Centennial, CO, according to Adam A. Lewis, regional manager of the firm's Denver office. The asset sold for $1,850,000.

Brandon Kramer and Chadd Nelson, investment specialists in Marcus & Millichap's Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The building was approximately 40% occupied at the time of sale. The buyer, a local veterinarian, intends to undertake a complete renovation of the property to establish a surgical veterinary center. This transaction involved multiple offers, reflecting the strong demand for the building's size and location among various potential owner-users.

According to Chadd Nelson, "Our clients, who inherited the property from their father, faced challenges with its performance due to the substantial vacancy rate. The sellers recognized the opportunity for improved investment returns with a triple net (NNN) asset and are in the process of a 1031-tax deferred exchange." Offices of Southglenn is located at 6590 S Vine St in Centennial, CO.

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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.