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 The Ironstone Medical & Professional Building, a 26,249-square foot office property located in Medford, NJ, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,075,000.
Lawrence Gariano and Michael A. Hinchman, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was also secured and represented by Lawrence Gariano, Michael A. Hinchman, and Jeremy Berinson, investment specialists in Marcus & Millichap’s Philadelphia office. Brian Hosey, District Manager and NJ Broker, assisted in closing this transaction.
The Ironstone Medical & Professional Building, located at 520 Stokes Rd in Medford, NJ, is home to a variety of local businesses which include some of Medford’s most recognizable names in medicine and dentistry. When asked about getting to settlement amidst a volatile time for the market, Michael Hinchman responded “while the investment community has traditionally placed a premium on national tenants and investment grade credit, properties with established local and regional tenants have performed tremendously well during the pandemic. Additionally, recent data show office rent collections in this sub-market exceeding those of apartments for June and July, so we feel the outlook for suburban office is particularly bright”.
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.
