THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A 37,100-SQUARE-FOOT RETAIL CENTER

PHILADELPHIA, PA, July 28th, 2022 – 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 Bull Hill Center, a 37,100-square-foot multi-tenant property located at 221 Bull Hill Lane, West Haven, CT, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $4,100,000.

Derrick Dougherty, Steve Garthwaite, and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local private investor. “The seller bought this property in a time of expansion in his portfolio and was able to lease up and maximize the NOI over the past few years,” said Nick Geaneotes.

“Throughout the sale process, both the sellers and the buyers were professional and proactive in order to close by the end of July, at the height of the Real Estate market,” said Steve Garthwaite. The Bull Hill Center is strategically positioned in the dense New Haven submarket with over 190,000 residents within 5 miles of the subject site.

“This site’s fundamentals provide a hedge against inflation with below-market rental rates with annual rental escalations in the tenants’ base terms,” said Nick Geaneotes. The site sits strategically adjacent to Route 1 with over 22,000 vehicles per day and on an exceptional retail corridor with tenants, such as Walmart, Target, Best Buy, and ALDI.

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.