Press Releases
Marcus & Millichap Brokers the Sale of a Retail Property in Glen Allen for $17.65 Million
March 02, 2023
GLEN ALLEN, Va., March 2, 2023 – 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 Parc Place a retail property located in Glen Allen, Virginia, according to John M. Leonard, regional manager of the firm’s Atlanta office. The asset sold for $17,650,000.
“This sale reflects the continued demand of retail asset class in the Virginia market” said Brian Munn, senior managing director investments. Munn had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by David S. Crotts, Dean Zang and Josh Ein, investment specialists in Marcus & Millichap’s Washington, D.C. office. Brian Hosey, broker of record in Virginia assisted in closing this transaction.
Parc Place is located at 11740 West Broad Street. Approximately 1-2 miles from newly developed shopping centers such as West Broad Marketplace (393K SF center anchored by Wegmans, Cabela’s, T.J.Maxx), Green Gate (LIDL & 230 new townhomes), West Creek Medical Park (180K SF medical center), and multiple residential developments that will have approximately 1,500 residential units and over 500 homes
“This sale reflects the continued demand of retail asset class in the Virginia market” said Brian Munn, senior managing director investments. Munn had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by David S. Crotts, Dean Zang and Josh Ein, investment specialists in Marcus & Millichap’s Washington, D.C. office. Brian Hosey, broker of record in Virginia assisted in closing this transaction.
Parc Place is located at 11740 West Broad Street. Approximately 1-2 miles from newly developed shopping centers such as West Broad Marketplace (393K SF center anchored by Wegmans, Cabela’s, T.J.Maxx), Green Gate (LIDL & 230 new townhomes), West Creek Medical Park (180K SF medical center), and multiple residential developments that will have approximately 1,500 residential units and over 500 homes
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About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
