MARCUS & MILLICHAP ARRANGES THE SALE OF A 7,302 SF FULLY OCCUPIED RETAIL CENTER

Old Saybrook, CT – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Old Saybrook Center, a 7,302 SF multi-tenant retail asset located in Old Saybrook, CT. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $3,000,000. Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, exclusively represented the seller and purchaser.

Old Saybrook Center is located at 15-19 Main St, Old Saybrook, CT 06475. The Subject Property features four service-based retailers and a Verizon cell tower with small unit sizes ranging from 482 square feet to 2,470 square feet. Approximately 62% of the GLA is under lease through 2024 and beyond with long term existing tenancy and proven track record of performance. The subject property is strategically located adjacent to the signalized intersection of N. Main Street (12.5K VPD) & Boston Post Road (11.7K VPD).

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 9,726 transactions in 2019 with a value of approximately $50 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.