Marcus & Millichap Inc.
09/12/2024 | Press release | Distributed by Public on 09/12/2024 09:23
Marcus & Millichap Announces $4.2M Sale of Charles Schwab Location in Westlake, Ohio
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Marcus & Millichap Announces $4.2M Sale of Charles Schwab Location in Westlake, Ohio
September 12, 2024
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WESTLAKE, Ohio, Sept. 12, 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 a net-leased Charles Schwab location in Westlake, Ohio. The property sold for $4.2 million, equating to $584 per square foot on the building's 7,187 square feet of rentable space.
Scott Wiles, Craig Fuller and Erin Patton, senior managing directors in Marcus & Millichap's Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a Cleveland-based family office. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
"Marcus & Millichap's national marketing reach was especially of value in sourcing a California-based 1031 purchaser," said Wiles. "The transaction seamlessly closed after a short due diligence period."
Located across from Crocker Park, the No. 5-ranked retail center in the U.S., the property benefits from a densely populated, high-traffic area with 26,000 vehicles passing daily, and immediate access to Interstate 90. Built in 2020, the building sits on a 1.43-acre parcel and features premium exterior finishes of stone, porcelain and glass.
Scott Wiles, Craig Fuller and Erin Patton, senior managing directors in Marcus & Millichap's Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a Cleveland-based family office. Michael Glass, Broker of Record in Ohio, assisted in closing the transaction.
"Marcus & Millichap's national marketing reach was especially of value in sourcing a California-based 1031 purchaser," said Wiles. "The transaction seamlessly closed after a short due diligence period."
Located across from Crocker Park, the No. 5-ranked retail center in the U.S., the property benefits from a densely populated, high-traffic area with 26,000 vehicles passing daily, and immediate access to Interstate 90. Built in 2020, the building sits on a 1.43-acre parcel and features premium exterior finishes of stone, porcelain and glass.
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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.