ENGLEWOOD, Colo., November 10, 2021 – 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 Western Maintenance & Construction, a partially-leased, 26,800-square-foot multi-tenant flex property located in Englewood, Colorado. According to Adam Lewis, regional manager of the firm’s Denver office, the asset sold for an undisclosed price.

Adam Abushagur, senior managing director investments in Marcus & Millichap’s Dallas office, and Thimy Moraitis, associate in the firm’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a local family owned-developer, was procured by Abushagur and Moraitis.

“Marketing the property proved to be a challenge, as 60% of the flex property consisted of office space. Nonetheless, we successfully procured a suitable buyer seeking a value-add opportunity,” said Moraitis. “In addition, we worked with both parties to facilitate a five-year leaseback for a portion of the property upon sale.”

“Our team assisted the seller, a previous owner-user, in liquidating the asset to reinvest into a general contracting business and finance future retirement,” added Abushagur.

Western Maintenance & Construction is located at 1795 West Yale Avenue in Englewood, Colorado. The subject property is situated on 1.02 acres of land and was built in 1970.

 

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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 8,954 transactions in 2020 with a value of approximately $43 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.