Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 5548 Chestnut Street, a 44,500-square-foot office building occupied by four tenants, located in Philadelphia, Pa. The asset sold for $5,800,000.

Fred Paisley, vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability entity. The seller had acquired the then vacant property in 2006, making significant renovations and re-tenanted the entire building. The buyer, a limited liability company, was secured and represented by Paisley as well, as a result of an extensive exclusive marketing process that produced several offers from qualified buyers that came from as far as New York to tour the asset.

“The buyer was able to acquire a strong performing asset in the path of the ongoing expansion of University City,” said Paisley. “For prospective tenants there are few options for traditional office space at this rental price point, which drives demand to the property.”

The office building is located at 5548 Chestnut Street in Philadelphia, Pa. and is positioned West of University City, one block from the 56th Street Station.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.