Marcus & Millichap Inc.
09/24/2024 | Press release | Distributed by Public on 09/24/2024 15:46
Marcus & Millichap Closes $19 Million Mixed-Use Portfolio Sale in Fairfield County
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Marcus & Millichap Closes $19 Million Mixed-Use Portfolio Sale in Fairfield County
September 24, 2024
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GREENWICH, Conn., Sept. 24, 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 the Nolan Thomas Portfolio, a four-building, 47,256-square-foot mixed-use portfolio in Greenwich, Connecticut. The properties sold for $19 million.
Stephen Westerberg of Marcus & Millichap's Manhattan office, who represented the seller, noted, "It was a complex transaction due to the large number of family owners being represented, each with varying tax and estate needs. We assisted the family in overcoming the challenges of divesting a century-old, multiple-family-owned asset." Westerberg added, "This unique offering generated a deep buying pool with multiple qualified offers to purchase the property. The buyer has acquired an irreplaceable property in one of the best and most desirable locations of greater Greenwich."
"We are pleased to turn the property over to local business executives who are part of the Old Greenwich community and will be good stewards of the site in its next era," the Thomas and Nolan families said in a joint statement.
The buildings are one block from the Metro-North Railroad station in Old Greenwich and easily accessible from Interstate 95. There are 17 retail storefronts, 17 office suites, 10 apartments, and an 11,226-square foot, single-story warehouse. Tenants include a diverse range of local and national businesses, including retail stores, restaurants, and service providers.
Stephen Westerberg of Marcus & Millichap's Manhattan office, who represented the seller, noted, "It was a complex transaction due to the large number of family owners being represented, each with varying tax and estate needs. We assisted the family in overcoming the challenges of divesting a century-old, multiple-family-owned asset." Westerberg added, "This unique offering generated a deep buying pool with multiple qualified offers to purchase the property. The buyer has acquired an irreplaceable property in one of the best and most desirable locations of greater Greenwich."
"We are pleased to turn the property over to local business executives who are part of the Old Greenwich community and will be good stewards of the site in its next era," the Thomas and Nolan families said in a joint statement.
The buildings are one block from the Metro-North Railroad station in Old Greenwich and easily accessible from Interstate 95. There are 17 retail storefronts, 17 office suites, 10 apartments, and an 11,226-square foot, single-story warehouse. Tenants include a diverse range of local and national businesses, including retail stores, restaurants, and service providers.
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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.