Marcus & Millichap Inc.
07/23/2024 | Press release | Distributed by Public on 07/23/2024 17:38
Marcus & Millichap Facilitates Sale of Fully Occupied Retail Strip in Connecticut
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Marcus & Millichap Facilitates Sale of Fully Occupied Retail Strip in Connecticut
July 23, 2024
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NEW FAIRFIELD, Conn., 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 Heritage Plaza, a retail strip property located in New Fairfield, Connecticut. The property sold for $6,191,000.
"Heritage Plaza is an exceptionally well-positioned and fully occupied center located on State Route 39 with over 26,000 square feet on five acres of land," said Mark Krantz, first vice president investments. "The sellers and their representative team, Karly Iacono and Rachel Wilson from CBRE, demonstrated professionalism and a proactive approach allowing for a smooth closing process."
Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap's Philadelphia office, procured the buyer, local strip center investors based in New York. John Krueger, Broker of Record in Connecticut, assisted in closing the transaction.
Heritage Plaza is located at 28 CT-39 in New Fairfield, approximately 60 miles outside of New York City. The property is at a signalized intersection with nearby prominent retailers such as Starbucks, Dunkin Donuts, Prime Time Fitness and Webster Bank. Recent major renovations include a new roof in 2022 and parking lot resurfacing in 2023.
"Heritage Plaza is an exceptionally well-positioned and fully occupied center located on State Route 39 with over 26,000 square feet on five acres of land," said Mark Krantz, first vice president investments. "The sellers and their representative team, Karly Iacono and Rachel Wilson from CBRE, demonstrated professionalism and a proactive approach allowing for a smooth closing process."
Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap's Philadelphia office, procured the buyer, local strip center investors based in New York. John Krueger, Broker of Record in Connecticut, assisted in closing the transaction.
Heritage Plaza is located at 28 CT-39 in New Fairfield, approximately 60 miles outside of New York City. The property is at a signalized intersection with nearby prominent retailers such as Starbucks, Dunkin Donuts, Prime Time Fitness and Webster Bank. Recent major renovations include a new roof in 2022 and parking lot resurfacing in 2023.
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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.