Brooklyn, NY Marcus & Millichap has completed the sale of 2269 86th St., a 3,600 s/f retail property, according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $3.93 million with a 3.19% cap rate.
Maria Barbatsis-Savidis and Bobby Barbatsis from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a REIT. The buyer, a REIT, was also secured and represented by the team.
“Through the Marcus & Millichap platform, we were able create the brand recognition needed to penetrate and build trust with the buying community in south Brooklyn. Our efforts resulted in a price per s/f record on 86th Street for fully leased, single-story retail at $1,093 per s/f,” said Bobby Barbatsis.
With over 1,600 investment sales and financing professionals located throughout the U.S. 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 over 8,700 transactions in 2015 with a value of $37.8 billion. The company 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.