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 two tenant, fully occupied, medical office investment property located in Uniontown, Pennsylvania, according to JustinWest, regional manager of the firm’s Orlando office. The asset, leased by DaVita Kidney Care and West Virginia University Medicine, sold for 98% of the asking price at $2.65 million.
“Demand within our proprietary buyer pool has remained strong, despite the rising interest rates. Through our marketing and national platform, we were able to help the sellers unlock equity that had appreciated throughout their ownership.” said Spencer Koch, associate. Mr. Koch, Rory Shelby, Scott Gould and Chris Biuso, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a partnership of local retiring physicians. The buyer, a private investor based in Utah, was also secured, and represented by Chris Biuso, Rory Shelby, Scott Gould, and Spencer Koch. Sean Beuche, broker, in Pennsylvania, assisted in closing this transaction.Financing was sourced by Garrett Fierstein, first vice president capital markets of Marcus&Millichap Capital Corporation.
The property is located at 201 Mary Higginson Lane. The asset is right off New Salem Road and Highway 40 near major retailers including Aldi, Uniontown Mall, The Home Depot and Lowes.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2022, the Company had 1,904 investment sales and financing professionals in 81 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 our clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
