Marcus & Millichap Inc.

08/17/2022 | Press release | Distributed by Public on 08/17/2022 09:39

Marcus & Millichap Arranges The Sale Of A 18,159-Square Foot Retail Property in Acton, MA

Press Releases

Marcus & Millichap Arranges The Sale Of A 18,159-Square Foot Retail Property in Acton, MA

August 17, 2022

Acton, MA, August 17, 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 Circle Furniture Center, a 18,159-square foot retail property located in Acton, MA, according to Thomas Shihadeh, regional manager of the firm's Boston office. The asset sold within 1% of the asking price after the comprehensive marketing campaign.

Laurie Ann Drinkwater and Seth J. Richard, investment specialists in Marcus & Millichap's Boston and Manhattan offices respectively, had the exclusive listing to market the property on behalf of the sellers. The Richard Drinkwater Retail Group also secured the local buyers.

LA Drinkwater notes, "We are pleased to have represented the long-time owners of this meticulously maintained property. They were excellent stewards of the property in the decades that they owned and operated the property and were a pleasure to represent."

Seth Richard adds, "We were very impressed with the overall quality of the asset. We knew that the unique location, with so little retail competition, was going to create a lot of interest but were still surprised at the overall response. The new owners are getting a very nice property that should provide stable and consistent returns throughout their ownership and we thank them for their professionalism throughout the process."

Circle Furniture Center is located at 425 Great Rd in Acton, MA. The property is a six-unit retail center that was 100% occupied at the time of sale with five of those tenants in their spaces for more than 10 years.

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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.