Marcus & Millichap Real Estate Investment Services of Atlanta, Inc. (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Office Depot, a 29,977-square-foot net-leased property located in Albany, Georgia. The asset sold for $2,270,000.
Mitch Grant and Nicholas Kanich, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Robby Pfeiffer, an investment specialist in Marcus & Millichap’s Atlanta office. John Leonard, Georgia Broker of Record, assisted in closing this transaction.
Office Depot is located at 2406 Westgate Drive in Albany, Georgia. The office retailer has operated at the building since it was built in 1997. Recently, Office Depot recently returned 10,796 square feet, creating a unique value-add opportunity for the buyer to add his local touch. The building sits on 3.13 acres on a prime retail corridor with visibility to over 34,700 vehicles per day.
“We had a lot of activity from local and out-of-state investors on this property” said Mitch Grant, the leading agent on the transaction. “There is clearly an appetite for higher yielding opportunities despite the uncertainty in the market.”
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.
