Marcus & Millichap Brokers $1.55 Million Sale of 5,500-SF, Net Leased Sheetz Property in Kent, OH

Erin E. Patton

KENT, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the 5,500-square-foot Sheetz located next to Kent State University in Kent, Ohio, according to Michael L. Glass, regional manager of the firm’s Cleveland office.

Michael I. Glass

Multiple offers were received during the marketing of the asset which sold above asking price for $1,557,000.

Casey Barker

Dustin Javitch, Craig Fuller, Erin E. Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Dustin Javitch

  The buyer, a private investor, was secured and represented by Casey Barker and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office.  

Craig Fuller

Justin West, Regional Manager of the firms Orlando office assisted with this transaction.

Justin West

Sheetz is located at 1762 E Main St in Kent, Ohio.  There were only a few years remaining on the lease. However the close proximity to campus and strong demand for the asset allowed for a sale at an aggressive cap rate of 5.81%.

Scott Wiles

           

Contacts:

Michael L.  Glass

First Vice President/District Manager

Cleveland, OH

(216) 264-2000

www.MarcusMillichap.com

Kelly Slover
Certified Agent Support Specialist
Marcus & Millichap Crown Centre 5005 Rockside Road, Suite 800 Independence, OH 44131 (216) 264-2000 main (216) 264-2010 fax kelly.s