Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fair Oaks Center, a 45,670-square-foot retail property located at 708 Wolcott St. in Waterbury, CT. The asset sold for $1.7 million, according to Sean Beuche, regional manager of the firm’s Philadelphia office.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company, and procured the buyer, another limited liability company. Susan Bands, Marcus & Millichap’s broker of record in Connecticut, assisted in closing this transaction.
“Fair Oaks Center has tremendous potential. It currently sits on 4.26 acres of a fabulous retail corridor with prominent tenants, such as Walmart and Shoprite. Although the property is only 16 percent occupied, the buyer plans to make significant capital improvements to it and recruit some of the most active local tenants,” noted Krantz.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.
