Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 521 Main Street, a 2,328-square foot net-leased Citizens Bank branch located in Warren, RI, according to Tom Shihadeh, Regional Manager of the firm’s Boston office. The asset sold for $1,061,900.
Rich Merryman, Ryan Wilmer and Bill Schofield, investment specialists in Marcus & Millichap’s San Francisco 2 office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, Legacy Real Estate Ventures, was secured and represented by Harrison Klein, an investment specialist in Marcus & Millichap’s Boston office. Klein comments, “By utilizing the Marcus & Millichap cooperative network, we were able to help our client, who has typically been focused on office and industrial investments, diversify into this passive retail property.” Michael Price, principal at Legacy Real Estate Ventures, comments, “This property is a great fit in our portfolio, and we appreciated the ease of transaction provided through both teams at Marcus & Millichap.” Based in the South End of Boston, Legacy Real Estate Ventures has been rapidly expanding their portfolio of multi-tenant office, medical, flex and single tenant NNN properties located throughout Massachusetts, Rhode Island, and Pennsylvania.
Built in 1967, the property is located on the main thoroughfare in the state, extending north to Providence and south to Newport.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.