Marcus & Millichap : Arranges the Sale of a 8,464-Square-Foot Retail Property in Columbus, Ohio
Marcus & Millichap : Arranges the Sale of a 8,464-Square-Foot Retail Property in Columbus, Ohio GAHANNA, Ohio, September 13, 2022 - 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 City BBQ & WesBanco Center, a 8,464-square-foot retail property located in Gahanna (Columbus), Ohio. The Class-A property is located in Gahanna, an inner ring suburb of Columbus and was 85 percent occupied at the time of sale. 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, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate.
Published : 2 years ago by MarketScreener in Finance Markets
GAHANNA, Ohio, September 13, 2022 - 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 City BBQ & WesBanco Center, a 8,464-square-foot retail property located in Gahanna (Columbus), Ohio. The asset sold for $3,725,000 which was 96 percent of list price and equates to a 6.5 percent cap rate.
CJ Jackson, first vice president in Marcus & Millichap's Columbus office and member of the Patton | Wiles | Fuller team, led the deal with assistance from Erin Patton, Scott Wiles and Craig Fuller from the company's Columbus and Cleveland offices. Both the seller and buyer were private out of state investors. "We were not surprised that the buyer was from out of town," Jackson said. "Columbus has continued to be a very desirable market for investors especially given the amount of new development in the region."
The Class-A property is located in Gahanna, an inner ring suburb of Columbus and was 85 percent occupied at the time of sale. There were approximately four years of weighted average lease term remaining and both tenants have been on site since the property was built.
About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Topics: Ohio