Marcus & Millichap closed the sale of a single-tenant NAPA Auto Parts, a 6,000-square-foot retail property in Clawson, Michigan. The asset sold for $880,000, or $146.67 a square foot.
Darin Gross, Ashish Vakhariya and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, facilitated the transaction between the buyer and the seller.
NAPA Auto Parts is a single-tenant retail property in Clawson. The tenant has been committed to the site since 2009 and exercised both option periods containing 10 percent and 9 percent rent increase. The subject property had recently undergone significant improvements including a replacement of the roof and a new parking lot.
In the past 24 months, Gross, Vakhariya and Haron have sold or have under contract to sell $130 million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.