Marcus & Millichap : Brokers $4.4 Million Medical Complex Sale
January 04, 2023 at 01:08 pm
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Marcus & Millichap Brokers $4.4 Million Medical Complex Sale
January 04, 2023
CULLMAN, Ala., Jan. 4, 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 Heritage Medical Complex, a 22,201-square-foot medical office property located in Cullman, Alabama. The asset sold for $4,400,000, or $199.09 per square foot.
"This 90%-occupied building sold to a local 1031-exchange buyer and closed in just 45 days," says Brian Higdon, senior associate in the firm's Birmingham office.
Higdon had the exclusive listing to market the property on behalf of the seller, Mike Waters, in addition to procuring the buyer, Thomas Willingham.
Heritage Medical Complex is located at 1701 Main Avenue Southwest in Cullman, just 40 minutes north of Birmingham and 40 minutes south of Huntsville. The property features two buildings that are occupied by seven tenants, including Cullman Regional Medical Center Primary Care and Heritage Diagnostic Center and Pharmacy. The complex was constructed in 2005 and sits on 4.53 acres.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading 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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 18:07:02 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
