RETAIL STRIP ALONG HIGH RIDGE ROAD SELLS FOR $5.5M IN STAMFORD

STAMFORD, CT, February 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a retail strip center along High Ridge Road in Stamford, CT. The 8,989-square-foot the property sold for $5,527,000.

Mark Krantz, associate, and Derrick Dougherty, first vice president investments in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, HRR Investments LLC, based in Huntington, New York. The buyer was a private investor based out of White Plains, New York, and was secured and represented by the pair as well.

“The site is well positioned within the submarket as it resides on one of the most prominent retail corridors in Stamford,” Krantz said. “As vacancies rise among big box retailers and department stores across the country, service-oriented strip centers continue to experience a strong investor demand.”

The strip center is located at 1003-1007 High Ridge Road in Stamford, CT. The center is 100 percent occupied, including Subway, Vitamin Shoppe, and High Ridge Printing & Copy Center. In close proximity to the strip center is Trader Joe’s, Starbucks, Citibank, CVS, and many other retailers. Only 45 miles from New York City, the center benefits from its access to major train stations and airport systems such as the Stamford Transportation Center and LaGuardia Airport.

J.D. Parker is the firm’s broker of record in Connecticut.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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