Marcus & Millichap Arranges The Sale Of A 62,016-Square Foot Mixed-use Building in Poughkeepsie, NY
Poughkeepsie, NY, May 17, 2022 --Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 40 Cannon, a 62,016-square foot mixed-use property located in Poughkeepsie, NY, according to John Horowitz, first vice president/division manager of the firm’s Westchester office. The asset sold for $10,400,000.
Joseph C. French Jr., Kodi Traver, and Matthew Gault, investment sales specialists in Marcus & Millichap's Westchester office, had the exclusive listing to market the property on behalf of the seller, a private investor. Steven Rock of Marcus & Millichap Capital Corporation arranged the financing for the buyer.
French comments, "Due to the demand for multitenant properties in Hudson Valley, it required the brokerage team to identify the most qualified buyer who could close this deal amidst the volatile debt market. Upon identifying the best buyer, we were able to close even with interest rates increasing daily."
The building was a former gut-renovated hotel that ownership renovated into a premier luxury site and was 100% occupied at time of sale.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.