Marcus & Millichap Inc.
01/02/2025 | Press release | Distributed by Public on 01/02/2025 16:11
Marcus & Millichap Brokers $2.15M Sale of Huntington Bank Property in Michigan
Press Releases
Marcus & Millichap Brokers $2.15M Sale of Huntington Bank Property in Michigan
January 02, 2025
LinkedIn Email App
SOUTHFIELD, Mich., Jan. 2, 2024 - 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 a net-leased Huntington Bank property in Southfield, Michigan. The property sold for $2.15 million.
"The property's prime location in Southfield's dynamic retail and business hub, coupled with its long-term triple-net lease structure, attracted strong investor interest," said Ashish Vakhariya, senior vice president of investments. "With Huntington Bank's status as Michigan's largest financial institution, the branch's robust deposit base, and its proximity to major retail, office, and educational centers, this asset highlights Southfield's exceptional market fundamentals and enduring appeal to investors."
Vakhariya, Seth Haron and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller, a private developer, and closed with a local, all-cash buyer.
The 5,749-square-foot property is located at 24805 W. 12 Mile Road. Built in 2008, the property sits on a 0.75-acre lot and features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. The bank is positioned within Southfield's core retail trade area and office hub, with more than 13.4 million square feet of retail space and 31.5 million square feet of office space within a five-mile radius.
"The property's prime location in Southfield's dynamic retail and business hub, coupled with its long-term triple-net lease structure, attracted strong investor interest," said Ashish Vakhariya, senior vice president of investments. "With Huntington Bank's status as Michigan's largest financial institution, the branch's robust deposit base, and its proximity to major retail, office, and educational centers, this asset highlights Southfield's exceptional market fundamentals and enduring appeal to investors."
Vakhariya, Seth Haron and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller, a private developer, and closed with a local, all-cash buyer.
The 5,749-square-foot property is located at 24805 W. 12 Mile Road. Built in 2008, the property sits on a 0.75-acre lot and features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. The bank is positioned within Southfield's core retail trade area and office hub, with more than 13.4 million square feet of retail space and 31.5 million square feet of office space within a five-mile radius.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.