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 40 Cannon, a 62,016-square foot mixed-use property located in Poughkeepsie, NY, according to Susan Bands, regional manager of the firm’s Westchester office. The asset sold for $10,400,000.
Joseph C. French Jr., Kodi Traver, and Matthew Gault, investment sales specialists in Marcus & Millichap’s Westchester office, had the exclusive listing to market the property on behalf of the seller, a private investor. Steven Rock of Marcus & Millichap Capital Corporation arranged the financing for the buyer.
French comments, “Due to the demand for multitenant properties in Hudson Valley, it required the brokerage team to identify the most qualified buyer who could close this deal amidst the volatile debt market. Upon identifying the best buyer, we were able to close even with interest rates increasing daily.”
The building was a former gut-renovated hotel that ownership renovated into a premier luxury site and was 100% occupied at time of sale.