Dealmaker: Marcus & Millichap Closes $56M in Office, Multifamily Sales

Marcus & Millichap, Calabasas, Calif., closed $56.4 million in office and multifamily property sales.

In Cincinnati, the firm sold Summit Woods, a two-property Class A office building portfolio, for $22 million, or more than $100 per square foot.

Joseph DiSalvo, Senior Managing Director of Investments in Marcus & Millichap’s Indianapolis office, said challenges included a partial federal tax exemption, a sizable portion of dark space and rising interest rates, but noted the properties transacted within 97% of suggested list price.

“The buildings reside in the submarket of Sharonville, one of the strongest submarkets in Cincinnati,” DiSalvo said. “Sharonville’s strategic location, just 15 miles north of downtown Cincinnati, has encouraged development in leading regional industries like tourism, transportation, engineering, automotive and logistics.”

DiSalvo, David Peirce and Alexander Nulf of Marcus & Millichap represented the seller and procured buyer Shelbourne Global.

Built in 2006 and 2015, the Summit Woods office portfolio at 50 and 400 E. Business Way experiences daily traffic exceeding 100,000 vehicles per day.

Marcus & Millichap’s Denver office sold The Fitz on 14th, a 176-unit multifamily property in Aurora, Colo., for $34.4 million.

“This asset is adjacent to the University of Colorado Anschutz Medical Campus and Fitzsimons Life Science District, providing convenient access to Aurora’s largest education, medical and employment opportunities,” said Jason Hornik, Marcus & Millichap First Vice President of Investments. Hornik and Greg Price represented the seller and procured the buyer.

Constructed in 1973, Fitz on 14th offers 18 studio apartments and 158 one-bedroom units.