Marcus & Millichap complete two sales totaling $17.35 million; includes $6.35 million by Corcoran and Sabharwal of Marcus & Millichap

Daniel Corcoran, Marcus & Millichap

Preet Sabharwal, Marcus & Millichap

J.D. Parker, Marcus & Millichap

Manhattan, NY Marcus & Millichap has arranged the $11 million sale of 275 Bleecker St., a four-story, mixed-use building located between Jones St. and Cornelia St. in the West Village neighborhood.

The seller was represented by John Stewart, James O’Leary, Michael Sadowsky, Nicholas Biedron and Alan Stenson, all in  Marcus & Millichap's local office. The buyers, Joseph Sutton of Wharton Properties and Joseph Edery, were represented by Barbara Dansker and Zackary Ziskin, also of Marcus & Millichap’s local office.

The walk-up property features one ground-floor retail space, four free-market apartments and 1,800 s/f of air rights. All of the apartments have outdoor space. The commercial unit is occupied by David’s Teas. The building is part of the Greenwich Village Historic District.

Marcus & Millichap also completed the sale of Walgreens Pharmacy, a 13,905 s/f net-leased property located in Huntington Station, according to J.D. Parker, regional manager of the firm’s local office. The asset sold for $6.35 million.

Daniel Corcoran and Preet Sabharwal, investment specialists in Marcus & Millichap’s local office, had the exclusive listing to market the property on behalf of the seller.  The buyer was also secured and represented by Sabharwal and Corcoran.

Walgreens Pharmacy, 984 New York Avenue - Huntington Station, NY

Walgreens Pharmacy is located at 984 New York Avenue in Huntington Station, NY.  The site has a drive thru and sits on a 1.45 acre lot. Walgreens has two years remaining on a 20-year, firm term, double-net (NN) lease with eight, five-year options. The lease is guaranteed by Walgreens Company, the nation’s largest drugstore chain.

“When we took on assignment, a competitor had been marketing the asset for 90+ days so we knew we needed a tailored approach to successfully transact,” said Corcoran. “We executed on our plan andwithin 33 days had 7 written offers and went under contract 122 basis points lower than the market and closed at a record cap rate.”

“This transaction signifies both a global hunt for yield along with the strong residual value of core market real estate,” said Sabharwal “The marketing process was tailored toward an investor whose risk profile would be able to manage the short term nature of the lease yet appreciate the underlying real estate fundamentals and scarcity of signalized intersections within the local market.”

With over 1,500 investment professionals located throughout the United States 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 approximately $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