Marcus & Millichap complete sale of Rite Aid for $6.175 Million; Sabharwal and Apostolidis reps buyer

Marcus & Millichap Real Estate Investment Services, one the nation's largest real estate investment services firms, has arranged the sale of Rite Aid, a 14,673 s/f net leased property located at 869 2nd Ave., according to J.D. Parker, first vice president - regional manager of the firm's Manhattan office. The asset commanded a sale price of $6.175 million. Preet Sabharwal, a senior associate in Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Sabharwal and Lazarus Apostolidis, an investment associate in Marcus & Millichap's Manhattan office. "We were able to create a competitive market in a short period of time through relationships with private and institutional buyers on a national level," said Sabharwal. "This was the first Rite Aid transaction closed by Marcus & Millichap where we were able to obtain non- recourse 10-year financing for the purchaser." With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap is one of the largest firms specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.