PUYALLUP, WA, May 20, 2021– 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 Firgrove Commons, a 21,304-square foot office condo property located in Puyallup, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $4,725,000 ($222 per square foot).
Matthew Herman and Stren R. Lea, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.The buyer, a limited liability company, was secured and represented by Matthew Herman and Stren R. Lea.
Acquisition financing was sourced for the buyer, Firgrove Offices LLC, by Tammy Linden, Vice President of Capital Markets with Marcus Millichap Capital Corporation. Ms. Linden obtained a highly competitive $3,543,750 mortgage, achieving leverage of 75% of the acquisition price, with a 10 year term, 25 year amortizing note for the fractured commercial condominium project. The lender did not require COVID reserves, capital replacement reserves, or tenant improvement and leasing commission reserves.
Firgrove Commons is located at 13613 Meridian E in Puyallup, WA. Built in 2008, the property consists of eight condominium units and hosts a variety of office and retail tenants. The asset was 95% leased at time of sale.
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 8,954 transactions in 2020 with a value of approximately $43 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.