
White Plains Office/Retail Fetches Premium in “Challenging” Market
Marcus & Millichap arranged the sale of 14 Mamaroneck Ave. in downtown White Plains, NY. The mixed retail/office site sold for $8,950,000.
Weschester-based Joseph C. French, Jr. of Marcus & Millichap and Steven Rock of Marcus & Millichap Capital Corporation represented the seller, a private investor. The duo secured the buyer, also a private investor, with Rock arranging $5,530,000 in debt financing from a regional lender.
Regarding the transaction, the duo said, “Through our long-term relationships, we were able to make an introduction to the seller and buyer and together collaborated together to execute this transaction. We were able to achieve an above-average price per square foot for a suburban office and retail property in a challenging market.”
The property, located in downtown White Plains, houses nine office tenants and one retail unit. Tenants include People’s United Bank, CitiMed and multiple law offices.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition