VALUE-ADD CENTER IN FAIRFIELD COUNTY TRADES ALL-CASH

SHELTON, CT, December 26, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Shelton Town Center, a 19,450-square foot retail center located in Shelton, CT. The asset sold for $4,300,000.

Derrick Dougherty, first vice president investments, and Mark Krantz, associate, both in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the Bronx-based seller, a limited liability company. The pair also secured the all-cash local buyer with a 30-day contract to close.

“Through our marketing efforts and regional exposure, we were able to generate multiple offers from regional investors based in New York and local investors in Connecticut,” said Krantz. “The ultimate all-cash buyer saw the long-term value potential in the center and overall growth of Fairfield County.”

Shelton Town Center is located at 350 Bridgeport Ave in Shelton, CT. The well-maintained property was originally built by the seller in 2006 and includes 150 parking spaces. The center features local service-oriented tenants some including, a nail salon, pizza shop, liquor store, and car rental company.

“New ownership benefits from 100 percent in-place income and strong commitment from long-term tenants as well as the shopping centers value-add potential with the Key Bank vacancy coming in 2021,” adds Krantz.

J.D. Parker assisted in the transaction as 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