Marcus & Millichap Inc.
07/01/2024 | Press release | Distributed by Public on 07/01/2024 14:43
Marcus & Millichap Arranges $2.025M Sale of Postal Office Property in Richmond
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Marcus & Millichap Arranges $2.025M Sale of Postal Office Property in Richmond
July 01, 2024
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RICHMOND, Va., July 1, 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 1121 Mall Drive, a single-tenant postal office property located in Richmond, Virginia. The property sold for $2,025,000.
"We received multiple offers on this property and ultimately moved forward with a Virginia-based individual investor who was familiar with the shopping center," said Nicholas Kanich, first vice president of investments. "After the buyer's inspection raised some deferred maintenance concerns about this modified-gross-lease property, we contacted local contractors for bids and arrived at an improvement allowance that was acceptable to both parties and allowed us to close at 95.9 percent of the listing price."
Kanich, investment specialist in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an international real estate development and property management firm, and procured the buyer, a Virginia-based investor. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
The current tenant, the United States Postal Service, has just under five years remaining on their modified gross lease with the option to renew. Built in 1984, the 8,923-square-foot property is on an outparcel of the Chesterfield Towne Center Shopping Mall featuring 115 retailers including Macy's, T.J. Maxx and At Home. The asset is situated in a prime retail corridor of Richmond near the intersection of Mall Drive and U.S. Route 60.
"We received multiple offers on this property and ultimately moved forward with a Virginia-based individual investor who was familiar with the shopping center," said Nicholas Kanich, first vice president of investments. "After the buyer's inspection raised some deferred maintenance concerns about this modified-gross-lease property, we contacted local contractors for bids and arrived at an improvement allowance that was acceptable to both parties and allowed us to close at 95.9 percent of the listing price."
Kanich, investment specialist in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an international real estate development and property management firm, and procured the buyer, a Virginia-based investor. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
The current tenant, the United States Postal Service, has just under five years remaining on their modified gross lease with the option to renew. Built in 1984, the 8,923-square-foot property is on an outparcel of the Chesterfield Towne Center Shopping Mall featuring 115 retailers including Macy's, T.J. Maxx and At Home. The asset is situated in a prime retail corridor of Richmond near the intersection of Mall Drive and U.S. Route 60.
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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.