Marcus & Millichap's French and Dalzell secure $4.4 million sale; 85,453 s/f grocery-anchored center at 54 East Main Street

- Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment services firm, closed on Tops Plaza, an 85,453 s/f grocery-anchored strip center located at 54 East Main St., according to J.D. Parker, vice president and regional manager of the firm's White Plains office. The asset commanded a sales price of $4.4 million. Joseph French, Jr., CCIM, senior director and Thomas Dalzell, associate director, in the National Retail Group in Marcus & Millichap's White Plains office, had the exclusive listing to market the property on behalf of the seller, a public REIT. The buyer, a private investor, was secured and represented by French and Dalzell. French and Dalzell's expertise helped the seller properly analyze the true value of the property based on a capitalization of an adjusted NOI with Tops Markets rent marked-to-market. Then, they added back the present value of the Tops Markets prime rent above the marked-to-market rent. Once properly structured, French and Dalzell were able to find a private investor that understood the modeling and the property's intrinsic value.Thomas Dalzell, Marcus & Millichap

Tags: Brokerage

Reprint

Previous Story Next Story

Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site

Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.

BKM Capital Partners and Kayne Anderson Real Estate acquire a $1.8 billion portfolio of light industrial assets

BKM and Kayne Anderson acquire a $1.8b portfolio of light industrial assets

The Durst Organization inks 12,456 s/f lease

Marcus & Millichap arranges sale of skilled nursing facility in Hoosick Falls

M&M arranges sale of skilled nursing facility in Hoosick Falls

Pangram Labs signs 6,000 s/f lease at 25 Flatbush Ave.

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

Raffa of Island Assocs. negotiates new 1,100 s/f lease for the Law Firm of Twomey Latham

Columns and Thought Leadership

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,