Marcus & Millichap closed the sale of a retail condominium at One Vandam, located at 180 Sixth Ave. in New York’s SoHo neighborhood. The property, which spans 14,072 square feet, was sold for $7.3 million. 

“New York City’s retail market continues to show resilience,” said Eric Anton. “Through our Global Capital Group efforts, we identified an international buyer from Asia for this well-located property, reflecting ongoing demand for prime retail spaces in the city.” 

Anton along with Marcus & Millichap’s Nelson Lee, Trever Gallina and Justin Natalizio marketed the property on behalf of the seller, QT SoHo Realty LLC. They also procured the buyer, a private Chinese investment group. 

The retail condo comprises four units, three of which are leased to tenants including Sui Yoga, Tribeca Soho Animal Hospital, and J’Spa. The property features 140 feet of frontage along Sixth Avenue, between the SoHo and Hudson Square neighborhoods. 

Marcus & Millichap closed the sale of adjacent industrial and office properties in Long Island City, Queens, for $8.5 million. Jakub Nowak, investment specialist in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller, Vernon Associates LLC, and procured the buyer, a local private investor.

“The $8.5-million sale of 37-11 Vernon Blvd. in Long Island City highlights both the strength of the local industrial market and the creative strategies we use to benefit our clients, especially in an environment with financing challenges,” said Nowak. “By structuring a triple net lease for the adjacent 814 37th Ave. property, with the buyer as the tenant, we enabled the buyer to take operational control of the entire asset without having to finance the full acquisition upfront. This approach benefited both parties and secured a well-capitalized deal in one of New York City’s most sought-after industrial hubs.”

The properties, located at 37-11 Vernon Blvd. and 814 37th Ave., total 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. 

Marcus & Millichap completed the sale of JSB Apartments, a 48-unit apartment property located in Waldorf, Maryland. The property sold for $6.3 million. 

Marty Zupancic and Ryan Murray, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, RGB Holding, LLC, and procured the buyer, Lloyd Grosklags, Crain Flats Owner, LLC. “We extend our thanks to the seller for their partnership and are confident that the buyer’s value-add strategy will unlock the full potential of this property, benefiting both residents and the surrounding community,” said Zupancic. 

JSB Apartments, located at 2165-2169 Crain Highway, features 48 junior one-bedroom floor plans across 41,728 square feet. The property is just 30 minutes from Washington, D.C., and the complex is adjacent to the 150-acre Waldorf Station development, which is planned to include a grocery store, a state-of-the-art fitness facility and a diverse array of retail establishments. 

Marcus & Millichap has completed the sale of a net-leased Xpress Wellness Urgent Care portfolio located in Elk City, and Enid, Oklahoma. The Elk City location at 411 W. 3rd Street sold for $2.56 million, and the Enid location at 220 S. Van Buren Street sold for $2.11 million.

Dominic Sulo, Senior Managing Director, and Benjamin Bach, Associate, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Sulo and Bach secured and represented the buyer, a limited liability company. Regional Manager and Broker of Record Steve Greer assisted in closing this transaction. The Xpress Wellness Urgent Care clinics are free-standing facilities offering walk-in treatment, lab testing, and diagnostic imaging.

Marcus & Millichap closed the sale of Dollar General, a 9,100-square-foot net-leased property located in Toluca, Illinois. The asset sold for $1,093,000.

Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland and Columbus offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Jeremie Johnson and Nathan Whalen, investment specialists in Marcus & Millichap’s Indianapolis office. Steven Weinstock, Illinois Broker of Record, assisted in closing this transaction.

Dollar General is located at 710 IL-117, roughly 30 miles from Peoria. The property offers easy access to Interstate 39 and Illinois Route 17. Javitch, the lead agent on the deal, said, “Despite a slowdown in transactional volume across the net-leased sector, we were successful in finding a local 1031 buyer and facilitating a closing in less than three weeks from the execution of a contract.”

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.