Marcus & Millichap sells 3,250 s/f retail building

Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment services firms, has completed the sale of 886 Jericho Tpke., a 3,250 s/f retail property, according to J.D. Parker, regional manager of the firm's Brooklyn office. The asset commanded a sales price of $515,000. Steven Stoehrer, Matthew Fotis and Matthew Rosenzweig, investment specialists in Marcus & Millichap's Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Stoehrer. "Through our knowledge of the local market and relationships with local contractors and investors we were able to generate multiple offers and negotiate a fair price for this vacant building. Due to the vacancy, this transaction was extremely difficult. Our relationship with local lenders proved critical during this sale," said Stoehrer. Founded in 1971, the firm has perfected a system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, technology and relationships with the largest pool of qualified investors nationally.