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 AMC Theater located at 440 Middlesex Road in Tyngsboro, MA, according to John Horowitz, District Manager and Regional Manager of the firm’s Boston Office. The asset sold for $7,055,000.
The transaction was represented by Marcus & Millichap agents on both sides; the seller was exclusively represented by Glen Kunofsky, Josh Kanter, and Anthony D’Ambrosia, of the firm’s Manhattan office. The buyer was a publicly traded institutional investor from Florida, represented by Russell Wachtler, who is also from Marcus & Millichap’s Manhattan office.
The AMC consists of 39,474 rentable square feet, with 12 theaters and a full bar. All the theaters, as well as the roof and parking lot, were recently renovated. The site has been a movie theater since 1991, and the tenant recently extended and renewed their lease early. According to Kanter, “The property was a proven location for AMC and the tenant’s strong commitment to this site was a key factor that contributed to a very competitive bidding process between both local investors and national institutional capital.”
Located at 440 Middlesex Road is located in Tyngsboro, MA, the property benefits from its proximity to the Nashua, NH retail market. The sales team also stated that “Other factors that contributed to the amount of interest we received on the property was the strategic nature of the real estate situated across the street from the Pheasant Lane Mall and located just south of the Nashua, NH boarder. The Daniel Webster retail corridor has developed into one of the most dominant retail submarkets in New England and attracts consumers from all across Northern MA and Southern NH.”
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.
