Dealmaker: Marcus & Millichap Closes $46.7M in Property Sales

Marcus & Millichap, Calabasas, Calif., closed retail and industrial property sales totaling $46.7 million in Massachusetts and Florida.

The properties included the 85,199-square-foot Carver Shopping Center in Carver, Mass., which sold for $25 million, and The Shops at Lynnfield, a 64,056-square-foot retail center in Lynnfield, Mass. that traded for $19.5 million. Marcus & Millichap Associate Real Estate Broker Glen Kunofsky, Investment Specialist Josh Kanter and Associate Anthony D’Ambrosia arranged both transactions.

“The Boston area began the year with a retail vacancy rate lower than almost every other major market in the United States and continues to be one of the nation’s tightest retail markets,” D’Ambrosia said. “As the year progresses, we’re seeing increased competition for multi-tenant assets in the metro, especially in areas of high-population density and where annual income is higher than average.”

Built in 2005, Carver Shopping Center is a Shaw’s grocery store-anchored center 45 miles south of Boston. The main grocer in the area, Shaw’s serves 148,500 individuals within a 10-mile radius. Average annual income within a three-mile radius exceeds $115,000.

Located along Route 1, The Shops at Lynnfield is 15 miles from downtown Boston, with more than one million people within a 10-mile radius. The average annual household income within a one-mile radius exceeds $138,000.

In Miami, Marcus & Millichap sold 670 NW 113th Street, a 12,425-square-foot industrial warehouse property, for $2.2 million.

“This sale equates to $181 per square foot, a record-setting price for the area,” said Benjamin Silver, First Vice President of Investments with Marcus & Millichap. “We understood prior to marketing the asset that there would be certain buyers who would place a significant premium on its I-95 visibility, which is incredibly rare.”