Dealmaker: Marcus & Millichap Completes $39M in Retail, Industrial Sales
Marcus & Millichap, Calabasas, Calif., closed $38.8 million in retail and industrial transactions.
Photo courtesy of Marcus & Millichap
In Mammoth Lakes, Calif., near Yosemite National Park, the firm sold 42,800-square-foot shopping center Mammoth Main Street Promenade for $8.8.
Patrick Toomey, Executive Vice President of Investments with Marcus & Millichap, noted Mammoth Main Street Promenade is currently 98 percent leased and caters to local residents as well as the 2.8 million visitors per year that vacation in Mammoth Lakes for skiing, snowboarding, fishing, mountain biking and camping. “The property benefits from excellent access and prominent exposure near the busy intersection of Main Street and Old Mammoth Road,” he said.
Toomey, Jose Carrazana, Jessica Baram and Enrique Wong represented the private investor seller in the transaction.
Built in 1988, Mammoth Main Street Promenade hosts 22 tenants including Mammoth Laundry and Sun & Ski Sports, a retailer for all Mammoth-related recreational activities.
Photo courtesy of Marcus & Millichap
A lack of developable land sites nearby and the low 3.2 percent retail submarket vacancy rate led to a highly competitive sales process, Carrazana said.
The firm also brokered the sale and leaseback of 1000 Park Drive, a four-building, 346,000-square-foot manufacturing asset triple-net-leased to Black Box Corp. in Bridgeville, Pa. The property sold for $30 million.
“The asset is close to major freeways, including Interstate 79, and additional land included in the sale allows for further development and outside storage,” said Adam Abushagur, Senior Managing Director of Investments in Marcus & Millichap’s Dallas office. He noted annual market rent growth in the submarket reached a record high 9.5 percent in the fourth quarter.
Abushagur arranged the transaction of behalf of the seller, a Black Box Corp. sister company, and also procured buyer Spirit Realty Capital.
