Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 217-221 Essex Street, a 32,100-square foot mixed-use building in Salem, MA. The asset sold for $2,850,000.00.

Evan Griffith, first vice president investments, Tony Pepdjonovic, vice president investments, and Ryan Quinn, associate, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, also a limited liability company.

217-221 Essex Street is located right in the heart of the Essex Street Pedestrian Mall, an area that attracts high tourist traffic because of its wide variety of shops, restaurants and entertainment. This transit-oriented property is a just a five minute walk from Salem Station (MBTA Commuter Rail) which travels to North Station in downtown Boston in under 30 minutes.

According to Griffith, “The acquisition is a great value-add investment in the highly sought after Downtown Salem submarket which is one of the busiest foot traffic destinations on the North Shore. The Buyer plans to re-position the asset by converting the vacant office space on the upper floors into modern residential units”

“The Downtown District of Salem is a vibrant area that promotes the live, work, and play lifestyle which continues to be the successful formula for attracting new residents” adds Pepdjonovic.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com