Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of 14 Mamaroneck Avenue in downtown White Plains, according to Regional Manager and Vice President John Krueger. The mixed retail/office site sold for $8,950,000.
Marcus & Millichap’s Joseph C. French, Jr. and Steven Rock of Marcus & Millichap Capital Corporation in the firm’s Westchester office, exclusively represented the seller, a private investor. The duo secured the buyer, also a private investor, with Mr. Rock arranging the debt financing terms. The loan amount was $5,530,000, and was provided by a regional lender. Regarding the transaction, the duo said, “Through our long-term relationships, we were able to make an introduction to the Seller and Buyer and together collaborated together to execute this transaction. We were able to achieve an above average price per square foot for a suburban office and retail property in a challenging market.”
The asset, located in downtown White Plains, is comprised of nine office tenants and one retail unit. Tenants include People’s United Bank, CitiMed, and multiple law offices. “This transaction proves there is strong demand for downtown White Plains assets with good long term tenancy to stabilize and provide strong cash flow.”
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.
