CLEVELAND, June 22, 2011– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a five-property Office Max/Office Depot portfolio located in Minnesota, West Virginia and Michigan. The sales price was $11,540,985.
James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office and Erin Patton in the firm’s Columbus office represented the seller, a local developer. Barry Wolfe, a vice president investments in Fort Lauderdale, represented the buyer, Kin Properties Inc. of Boca Raton, Fla.
Ralph Nash of Old Spruce Realty in West Virginia, Solomon Poretsky (middle right photo) in Marcus & Millichap’s Minnesota office and Jonathon Dwoskin (lower left photo) in the firm’s Detroit office, also provided representation.
The properties are:
· Office Max, 23,500 square feet, Alexandria, Minn.
Office Max, 23,525 square feet, Brainerd, Minn.
Office Max, 23,503 square feet, Mankato, Minn.
Office Max, 23,620 square feet, Martinsburg, W.Va.
· Office Depot, 24,000 square feet, Traverse City, Mich.
·
“All of the stores have between seven and 11 years remaining on their corporate-guaranteed leases and all have renewal options,” says Wolfe. “The locations are major retail hubs or are situated close to large retail centers.”
“Single-tenant net-leased properties with national-credit retailers remain the most sought-after deals as high-net-worth individuals and well-funded REITs compete for acquisitions,” adds Wiles. “Unimpressive returns offered by alternative investments and ongoing stock market uncertainty continue to heighten private buyers’ appetite for low-risk, corporate backed assets.”
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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