Press Releases

MARCUS & MILLICHAP ARRANGES THE SALE OF AN OFFICE DEPOT & FIVE BELOW RETAIL CENTER IN WOODHAVEN, MICHIGAN

September 25, 2023

MARCUS & MILLICHAP ARRANGES THE SALE OF AN OFFICE DEPOT & FIVE BELOW RETAIL CENTER IN WOODHAVEN, MICHIGAN September 25, 2023 – 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 a two-tenant retail center in Woodhaven, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $4,650,000.

Ashish Vakhariya, Seth Haron, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction on behalf of the seller. Dylan Wolf and Clayton Brown, investment specialists in the Marcus & Millichap Seattle office, represented the buyer. “The property was occupied by Office Depot and Five Below at the time of sale. Both tenants had attractive lease structures and term remaining.” says Ashish Vakhariya, Senior Vice President Investments & Director, National Retail Group/Net Leased Properties Group. “The asset’s exceptional location and strong shadow anchors including Home Depot and Walmart drove strong investor interest. Our Marketing Efforts Generated Multiple Offers.  We closed with a Cash Buyer in a 1031 with a contract to close time frame of 51 days.”

In the past twenty-four months, Ashish Vakhariya, Seth Haron, and Darin Gross have sold or have under contract to sell over $233.9 Million of retail and medical office investment properties throughout numerous states spanning the eastern half of the U.S. and beyond.

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 12,272 transactions in 2022 with a value of approximately $86.3 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.