Marcus & Millichap sells Denver retail building
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 26,744-square-foot unanchored multi-tenant retail building in Denver, according to Richard A. Bird, regional manager of the firm’s Denver office. The $3.08 million sales price equates to $115 per square foot.
The seller, a Fort Collins-based limited liability company, was exclusively represented by Cory Gross, an associate in Marcus & Millichap’s Denver office and member of National Retail Group. The Denver-based buyer was secured by John Propp Commercial.
The Commons Center is situated in a highly traveled area, with average traffic counts on South Parker Road exceeding 32,000 cars per day. It is completely surrounded by mature residential communities with about 192,000 people within a three-mile radius. The property’s high exposure and great visibility have contributed towards the center’s consistent occupancy rates near 100 percent.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com