Press Releases
Marcus & Millichap Arranges The Sale Of A Single-tenant Medical Office In Dearborn, Mi
October 27, 2022Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a single-tenant Quality Roots office building located in Birmingham, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $1,006,000, or $300.03/SF.
Ashish Vakhariya, Seth Haron and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the seller. “The tenant is an expanding cannabis retailer with one of the largest menus in the state of Michigan. The company currently has three retail locations, with five more planned to open by 2023. Quality Roots has a partnership venture with Schostak Brothers & Co., one of the largest real estate development groups in the Metro Detroit area.” says Ashish Vakhariya, First Vice President Investments & Director, National Retail Group/Net Leased Properties Group. “Our marketing efforts pulled in multiple offers and resulted in an 18-day contract-to-close with a cash buyer.”
In the past twenty-four months, Ashish Vakhariya, Seth Haron and Darin Gross have sold or have under contract to sell, $145 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
