Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sales of 100 Quarry Street and 79 Farrington Street located in Quincy, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The assets sold for $3,850,000 and $1,625,000 respectively.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, first vice president investments, in Marcus & Millichap’s Boston office had the exclusive listings and procured both buyers for the assignments. 100 Quarry Street is a 16-unit brick apartment building comprised of (15) two-bedrooms and (1) one-bedroom apartment. The property also features off-street parking and coin-operated laundry for the tenants. “We have built a tremendous market share in Quincy with another 42 units under agreement and scheduled to close in the upcoming months” said Pepdjonovic. “This Quarry Street sale marked a city record ($240,625 per unit) for garden style apartments” he added. The capitalization rate was 4.09%.
79 Farrington is an 8-unit apartment building located in the North Quincy neighborhood and comprised entirely of one-bedroom units. The building features separated utilities where the tenants pay costs for heat, hot water, and electricity within the units. Farrington Street is ideally situated in an amenity-rich location within walking distance to North Quincy Train Station (MBTA Red Line), Stop & Shop, Marshalls, Dunkin Donuts, Walgreens, TD Bank, Wendy's, Chipotle etc. “79 Farrington Street was a hot commodity as we were able to generate 6 offers within the first week of marketing. This area of North Quincy is being heavily targeted by investors as it experiences a similar boom in new development to Quincy Center” stated Griffith. The capitalization rate at the time of sale was 4.79%.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
