Results
Marcus & Millichap Inc.
07/25/2024 | Press release | Distributed by Public on 07/26/2024 15:11
Marcus & Millichap Facilitates $10.85M Sale of Net Lease Portfolio in Richmond
Press Releases
Marcus & Millichap Facilitates $10.85M Sale of Net Lease Portfolio in Richmond
July 25, 2024
LinkedIn Email App
MIDLOTHIAN, Va., July 25, 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 three-property portfolio located in Midlothian, Virginia. The properties include a Sheetz gas station, Take 5 Oil Change facility and NVA Veterinary facility. The assets collectively sold for $10,849,800.
Dean Zang and David Crotts, investment specialists in Marcus & Millichap's Washington, D.C. office, had the exclusive listing to market the portfolio on behalf of the seller, Mitchener Properties, LLC, a developer from Charlotte, North Carolina, and successfully procured the buyers for each of the three properties. Sheetz and NVA were acquired by a buyer from Fairfax, Virginia, while Take 5 Oil Change was purchased by a buyer from Frederick, Maryland. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
"Despite the strong economic headwinds, we were able to locate two different 1031 exchange buyers. The depths of our regional relationships and leading market share in Virginia aided our efforts to complete these transactions," stated Zang, executive managing director investments, who led the transactions for the company.
The portfolio, located in the growing Richmond Metro area of Chesterfield County, utilized a staggered closing structure over 11 months connected to the opening of each property. Situated at the intersection of U.S. 360 (Hull Street) and Bridgewood Road, the portfolio benefits from its prime location across the street from a new 16-acre master-planned, mixed-use development featuring over 440 townhomes. The properties have visibility to 57,900 vehicles per day and are further enhanced by their proximity to a high-performing Walmart Supercenter and a Home Depot-anchored center, making it a highly desirable location.
Dean Zang and David Crotts, investment specialists in Marcus & Millichap's Washington, D.C. office, had the exclusive listing to market the portfolio on behalf of the seller, Mitchener Properties, LLC, a developer from Charlotte, North Carolina, and successfully procured the buyers for each of the three properties. Sheetz and NVA were acquired by a buyer from Fairfax, Virginia, while Take 5 Oil Change was purchased by a buyer from Frederick, Maryland. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
"Despite the strong economic headwinds, we were able to locate two different 1031 exchange buyers. The depths of our regional relationships and leading market share in Virginia aided our efforts to complete these transactions," stated Zang, executive managing director investments, who led the transactions for the company.
The portfolio, located in the growing Richmond Metro area of Chesterfield County, utilized a staggered closing structure over 11 months connected to the opening of each property. Situated at the intersection of U.S. 360 (Hull Street) and Bridgewood Road, the portfolio benefits from its prime location across the street from a new 16-acre master-planned, mixed-use development featuring over 440 townhomes. The properties have visibility to 57,900 vehicles per day and are further enhanced by their proximity to a high-performing Walmart Supercenter and a Home Depot-anchored center, making it a highly desirable location.
# # #
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.