Press Releases
Marcus & Millichap Arranges The Sale Of Six Single-tenant Retail Properties In Michigan
January 3, 2023Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of six single-tenant retail properties across Michigan, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The six assets sold in late 2022 for a total transaction volume of $9,907,000.
Ashish Vakhariya, Seth Haron and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listings to market five of the properties on behalf of their respective sellers and one on behalf of the buyer. At the time of sale, all properties were occupied by national tenants.
“Quality, net-leased assets in Michigan continue to be in strong demand at favorable cap rates,” says Ashish Vakhariya, First Vice President Investments & Director, National Retail Group/Net Leased Properties Group. “We received more than 10 offers on our JoAnn Fabrics & Crafts property in Roseville, Michigan and generated multiple offers on a franchise guaranteed Pizza Hut in Traverse City, Michigan.”
Other transactions included a new construction Family Dollar / Dollar Tree combination store in Weidman, an Advance Auto Parts in Kalkaska, an Avis/Budget with car wash in Westland, and a Dollar General in Lansing.
In the past twenty-four months, Ashish Vakhariya, Seth Haron and Darin Gross have sold or have under contract to sell, $175.6 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
