Fotis of Marcus & Millichap sells 5,059 s/f industrial property - $875,000

Marcus & Millichap Real Estate Investment Services has completed the sale of 396 15th St., a 5,059 s/f industrial property, according to John Horowitz, regional manager of the firm's area office. The asset commanded a sales price of $875,000. Matthew Fotis, an investment specialist at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor from New Jersey, was secured and represented by an outside broker. "This is a prime example of Marcus & Millichap's ability to market and expose a property to the point where a buyer from outside the local market is found who is willing to pay a premium substantially above what any local investors or end users were willing to pay," said Fotis.