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 a property portfolio located in Wilkes-Barre, Pennsylvania, according to Sean Beuche, regional manager and Pennsylvania broker of record, who assisted in the closings.
Craig Dunkle, Mher Vartanian, and Jeremy P. Ryan obtained three exclusive listings and worked together to execute each closing successfully.
“The portfolio sale of these three assets was a complex endeavor to say the least. The transaction had several moving parts, and in this increasing interest rate environment, there were several hurdles to overcome,” said Dunkle, first vice president investments.
“The Wilkes-Barre portfolio deal was one of the most difficult transactions of the year. Being a second-generation sale with an out-of-state buyer and seller, much of the due diligence work fell on us as brokers to get these transactions to the finish line,” said Mher Vartanian, senior associate.
The properties are as follows:
Luzerne Bank Building, 67 mixed-use units (multifamily & office) Wilkes-Barre, PA for $6,775,000
Parkside Apartments, 16 multifamily units, Kingston, PA for $1,175,000
1 South Main Street, 4 mixed-use units (office & retail) Wilkes-Barre, PA for $600,000
The team was especially thrilled about their involvement with the Luzerne Bank Building, a well-known historic building on the main public square in Wilkes-Barre. “The silver lining was that all parties involved worked together in conjunction with our brokerage team to solidify the deals to achieve a successful close of escrow,” added Dunkle. “The flagship Luzerne Bank Building holds strong tenants with strong growth horizons, we are extremely proud to see this deal closed,” added Vartanian.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
