Press Releases
Marcus & Millichap Arranges the Sale of a 16,040-Square Foot Michigan Office Building
February 28, 2024
HART, MICHIGAN, February 28, 2024 – 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 4081 W Polk Road. The 16,040-square foot office property located in Hart, Michigan is leased to the Michigan Department of Health & Human Services Family Independence Agency of Oceana County. The asset sold for $925,000; 97 percent of list price.
Julia Evinger, an investment specialist in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Julia Evinger.
“With a long-standing operating history since 2002 and a recent five-year renewal with an option for an additional term, this asset represents stability and promise for our buyers,” said Evinger. “Its value is bolstered by the assurance of a long-term credit-rated tenant the State of Michigan (Fitch: AA+).” The property was on market for approximately 30 days. Seller financing was provided by a regional Michigan bank.
Steve Chaben, Michigan Broker of Record, assisted in closing this transaction.
Julia Evinger, an investment specialist in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Julia Evinger.
“With a long-standing operating history since 2002 and a recent five-year renewal with an option for an additional term, this asset represents stability and promise for our buyers,” said Evinger. “Its value is bolstered by the assurance of a long-term credit-rated tenant the State of Michigan (Fitch: AA+).” The property was on market for approximately 30 days. Seller financing was provided by a regional Michigan bank.
Steve Chaben, Michigan Broker of Record, assisted in closing this transaction.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
