News:
Brokerage
Posted: October 29, 2012
Sabharwal and Raymond of Marcus & Millichap broker $1.1 million sale
Marcus & Millichap Real Estate Investment Services has completed the sale of Starbucks, a 1,650 s/f net leased property located at 2441 Watt St., according to J.D. Parker, VP and regional manager of the firm's Manhattan office. The asset commanded a sales price of $1.1 million and a capitalization rate of 7.57%.
Preet Sabharwal and Britt Raymond, associate's at Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an equity fund, was secured and represented by Preet Sabharwal. The short time period taken to complete this transaction showed the demand for net leased single tenant investors.
"2441 Watt St. is a single tenant net leased property with a drive-thru that was built to suit for the tenant, Starbucks Corporate," said Sabharwal.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
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,
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
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)