Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Chase Bank, a 4,875-sqaure-foot net-leased propertylocatedin Woodbury, New York. The asset sold for $11,325,000.
“This is a true trophy asset that was purchased by an investor in a large 1031 Exchange that was familiar with the location and its attributes. The buyer was represented by Robert Sharfstein of RPS Capital Management with whom our team has a close relationship having closed multiple transactions together,” said Barry Wolfe, investment specialist in Marcus & Millichap’s Fort Lauderdale office.
Alan Lipsky, investment specialist in Marcus & Millichap’s Fort Lauderdale office, added that “our aggressive marketing campaigns and openness to always work with co-brokers as we did in this transaction allowed our team to close on 65 transactions in 2022 for our clients with a value exceeding $262 million.”
Lipsky and Wolfe had the exclusive listing to market the property on behalf of the seller, 7940 Woodbury Partners LLC. The buyer, KIT Realty Inc,purchased the property. John Horowitz, Marcus & Millichap’s Broker of Record in New York, assisted in closing this transaction.
The Chase Bank is located at the new location of 7920 Jericho Turnpike and is easily accessible from the Long Island Expressway. Newly built and recently opened in December 2021, the Chase Bank sits on a 0.64-acre lot and is surrounded by many national retailers including The Home Depot, Marshall’s, Stop & Shop, and Home Goods.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
