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 Goodwill Center, a 9,800-square-foot retail property located in Richlands, Virginia, according to Sean Beuche, regional manager of the firm’s Philadelphia office. Brian Hosey, Virginia broker of record, assisted in this transaction. The asset sold for $1,550,000.
Craig Dunkle and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Goodwill is a recession-proof business that helps the community. After running a competitive process, the tenant realized the value of this piece of real estate and purchased this location. This was a smooth transaction, and we are happy to have gotten this deal across the finish line for our clients,” said Vartanian, vice president investments.
This Goodwill center is located at 2510 S Front St in Richlands, Va. This retail hub sits in a prime location, with over 78,000 annual consumer visits and 11,800 vehicles passing daily. The center also has strong visibility and signage promoting tenants, while also offering extensive parking for shoppers and visitors. In addition, the Richlands submarket has seen sustained growth with over 86.9% YoY change in leased properties over the past 12 months alone.
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, 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 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.
