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Marcus & Millichap Arranges the Sale of a 12,500-Square-Foot Net-Leased Property

May 02, 2022

BELLEVILLE, MICHIGAN, May 2, 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 Rite Aid, a 12,500-square-foot net-leased property located in Belleville, Michigan. According to Grant Fitzgerald, regional manager of the firm’s Columbus office, the asset sold for $4,132,500.

Zach Turner, Erin E. Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, an international investment fund. Steve Chaben, Michigan Broker of Record, assisted in closing this transaction.

Rite Aid is located at 51341 W Huron River Drive in Belleville, Michigan. Belleville is a suburb of the greater Detroit area.

Zach Turner, lead investment specialist on the transaction stated, “The entire net-leased Pharmacy/Drug Store market has seen a massive uptick in the last two years. While Covid affected many retailers negatively, Pharmacies/Drug Stores for the most part have seen an uptick in sales, and are being utilized more frequently for convenience items, in addition to prescriptions. This has translated into the investment market, and investors are flocking towards these assets for their stability and resilience in the best and worst of times. Our client, who was an international investment fund with ties to Michigan, capitalized on the aggressive market, while our buyer, a private East-Coast investment partnership took advantage of the stability the asset has to offer.”

 

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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.

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