Marcus & Millichap Inc.
Marcus & Millichap Inc.
23/07/2024 | Press release | Distributed by Public on 23/07/2024 14:38
Marcus & Millichap Arranges Sale of Multi-Tenant Flex Properties in Ohio
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Marcus & Millichap Arranges Sale of Multi-Tenant Flex Properties in Ohio
July 23, 2024
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TOLDEO, Ohio, July 23, 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 5242 Angola Road, 5333 Secor Road and 3347 McGregor Lane, multi-tenant flex properties located in Toldeo, Ohio.
"The out-of-state buyer was able to expand their existing portfolio and acquire an attractive value-add investment in a strong Midwest market, while the seller was able to move capital closer to home," said Alex Gallicho, associate.
Gallicho and Peter Doughty, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an east coast-based private family office, and procured the buyer, a private investor based out of Miami, FL. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
5242 Angola Road is a 26,968-square-foot building in southwest Toledo near Interstate 475. It has 13 units and is almost fully occupied by nine tenants, most of whom have short-term leases and pay below market rates. The second and third properties are at 5333 Secor Road and 3347 McGregor Lane in northwest Toledo. The Secor Road property is a 28,450-square-foot building with 23 units, and the McGregor Lane property is a single-unit 5,260-square-foot industrial building. Both are fully occupied by 19 tenants.
"The out-of-state buyer was able to expand their existing portfolio and acquire an attractive value-add investment in a strong Midwest market, while the seller was able to move capital closer to home," said Alex Gallicho, associate.
Gallicho and Peter Doughty, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an east coast-based private family office, and procured the buyer, a private investor based out of Miami, FL. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
5242 Angola Road is a 26,968-square-foot building in southwest Toledo near Interstate 475. It has 13 units and is almost fully occupied by nine tenants, most of whom have short-term leases and pay below market rates. The second and third properties are at 5333 Secor Road and 3347 McGregor Lane in northwest Toledo. The Secor Road property is a 28,450-square-foot building with 23 units, and the McGregor Lane property is a single-unit 5,260-square-foot industrial building. Both are fully occupied by 19 tenants.
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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.