MICHIGAN, OHIO AND NEW YORK — The Detroit office of Marcus & Millichap has arranged the sale of a 10-property, single-tenant net-leased portfolio located in Michigan, Ohio and New York. The retail portfolio, which was fully leased at the time of acquisition, includes three Michigan properties, six Ohio properties and one property in New York’s Nassau County. The portfolio houses national tenants CVS/Pharmacy, Rite Aid and Family Dollar. An undisclosed buyer purchased the portfolio for $9.9 million, or approximately $112 per square foot. Simon Jonna and Brandon Hanna in the Detroit office of Marcus & Millichap represented the undisclosed seller; Scott Plasky of Marcus & Millichap’s Manhattan office represented the buyer in the transaction. According to Jonna, the purchaser was able to place a minimum equity down payment in order to assume an existing fixed-rate 10-year loan.
42
previous post