TOLEDO, Ohio, June 13, 2023 – 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 Starbucks & Verizon Center, a 3,720-square-foot retail property located in Toledo, Ohio. The asset sold for $2,185,000.
Suzanne Sharbek, Christopher Jackson, Erin E. Patton, Craig Fuller, and Scott Wiles, investment specialists in Marcus & Millichap’s Columbus and Cleveland offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Starbucks & Verizon is located at 1260 S Reynolds Road in Toledo, Ohio. Both tenants have been occupying the space since the property was built in 2007. Starbucks and Verizon were both in the first five-year option period, with two years remaining for Verizon and four years remaining for Starbucks.
“We received multiple offers within the first week of marketing and ended up having the top two buyers compete in a bidding war” said Sharbek, the lead agent on the transaction. “We accepted an all-cash offer with 14-day DD from a 1031-exchange buyer out of California. The market remains competitive for assets like this with strong real estate fundamentals.”