Marcus & Millichap Brokers $59M in Office, Apartment Sales

Marcus & Millichap, Calabasas, Calif., brokered shopping center and multifamily property sales totaling $58.8 million in Florida and Washington, D.C.

In Fort Lauderdale, Fla., the firm brokered the $38.5 million sale of Riverbend Marketplace Phase II, a 103,500-square-foot regional shopping center. Marcus & Millichap Senior Managing Director of Investments Brett Chetek and Associates Alex Perez and Chris Garavaglia represented seller Gatlin Development Co. and procured buyer Northbridge Investment Management.

“The center has a lineup of diverse, service-oriented and e-commerce-resistant tenants, many of which are national retailers on long-term leases,” Chetek said.

Built in 2017 and 2018 on 14.5 acres near the intersection of Broward Boulevard and Interstate 95, Riverbend Marketplace Phase II is shadow-anchored by Riverbend Marketplace Phase I, Walmart’s first supercenter in Florida. The property includes 20-year ground leases from Wawa and McDonald’s and new 10-year leases from Marshall’s and Planet Fitness.

Marcus & Millichap also closed two multifamily building sales totaling 172 units in Washington, D.C. Marty Zupancic, First Vice President of Investments, and Senior Associate Christian Barreiro brokered two transactions between the seller, a Poretsky Building Group affiliate, and the buyer, an entity managed by Urban Investment Partners.

The transactions took 15 months to close because they were both subject to Tenant Opportunity to Purchase Act negotiations that culminated with an agreement between Urban Investment Partners and the tenant associations. The two properties sold for a combined $20.3 million.

Walter Reed Apartments occupies 6939 Georgia Avenue NW at the entrance of The Parks at Walter Reed, the in-progress 66-acre redevelopment of the former Walter Reed Army Medical Center that will include more than 3.1 million square feet of mixed-use development.

“The Walter Reed development was certainly an influencing factor in the sales,” Barreiro said, noting the large-scale project will serve as an economic driver for years to come.

The other asset, Longfellow Apartments, is less than a half mile east of Rock Creek Park in Washington’s 16th Street Heights neighborhood at 5521 Colorado Avenue NW.