Marcus & Millichap sells $11M retail portfolio

BOCA RATON – Marcus & Millichap Real Estate Investment Services brokered the sale of a five-property Office Max/Office Depot portfolio located in Minnesota, West Virginia and Michigan. The sales price was $11,540,985.

James Stonehill and Scott Wiles in Marcus & Millichap’s Cleveland office and Erin Patton in the firm’s Columbus office represented the seller, a local developer.

Barry Wolfe, a vice president investments in Fort Lauderdale, represented the buyer, Kin Properties Inc. of Boca Raton.

Ralph Nash of Old Spruce Realty in West Virginia, Solomon Poretsky in Marcus & Millichap’s Minnesota office and Jonathon Dwoskin in the firm’s Detroit office, also provided representation.

“All of the stores have between seven and 11 years remaining on their corporate-guaranteed leases and all have renewal options,” says Wolfe. “The locations are major retail hubs or are situated close to large retail centers.”

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