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 Pep Boys, a 17,734-square-foot net-leased property located in Staten Island. The asset sold for $6,625,000.
“Pep Boys had been at this location for over 15 years, and we were marketing this asset with a very short-term remaining on the lease,” said Scott Plasky. “We were able to find the perfect buyer for this asset, an investor who also had an automotive use for the real estate if Pep Boys ever left the site.”
Plasky, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Plasky.
Pep Boys is located at 1941 Forest Ave one of the most heavily traveled retail streets on Staten Island. The site is zoned C8-1, allowing for all automotive-related uses. It has 29,239 square feet of additional buildable area. The property is surrounded by national retailers, including McDonald’s, Dairy Queen, CVS, Advance Auto Parts, Planet Fitness, 7-Eleven, Shop Rite and IHOP.
About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
