Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that Marcus and Millichap’s Koury Group brokered the sale of Cape Ann Marketplace, a 102,977-square foot retail property located in Gloucester, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The center sold for $13,400,000.
The Koury Group’s James M. Koury and Alex Quinn exclusively represented the seller and introduced the buyer.
According to Senior Managing Director James Koury, “Cape Ann Marketplace is one of two Shaw’s anchored Gloucester Shopping Centers that have been owned by the Psalidas family for over 50 years. The center offers one-stop, essential shopping with Shaw’s Supermarket, Walgreens, Seabreeze Liquors, and about a dozen others servicing Cape Ann’s needs. Over 87% of the center’s square footage has been occupied by the same tenants for over 25 years.” Koury adds, “It was a true pleasure assisting the Psalidas family in the execution of this component of their long-term estate planning.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
