Norwich, NY, December 19th, 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 the New York State Police Station, a 4,215-square-foot property located at 5354 NY-12, Norwich, NY, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $420,000.
Nick Geaneotes and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private family investor, and procured the buyer, a private GSA investor.
“This property presented buyers with a rare opportunity to acquire a Net-Leased GSA asset featuring annual rent escalations and a 40-year operating history—offering both stability and long-term growth potential,” said Nick Geaneotes.
“It was a privilege to collaborate with all parties involved in this transaction. I’m delighted to have delivered an asset that aligns with the buyer’s investment strategy and strengthens their portfolio,” said Nick Geaneotes.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national 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.
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