Marcus & Millichap: Investment Update
Steve Siegel has been with Marcus & Millichap for 18 years, and 26 years in investment sales brokerage overall. He's sold $300M of 1031 exchange sales alone in the past 12 months or so. There is definite concern whether 1031s will be completely outlawed or dramatically altered. Many of Steve’s clients are looking to complete their impending exchanges prior to the upcoming elections. Steve and his team specialize in the sale of retail-focused properties throughout NYC’s boroughs, including Manhattan; shopping centers throughout the eastern half of the US; and NNN properties nationally.
Steve says buyers are doing more due diligence, are focused on prime locations, more easily re-leasable properties, and on assets that lenders are more attracted to. Major areas of focus include main locations in NYC, the Northeast, Washington, DC, Florida and Texas. Representing sellers in these asset classes and geography has enabled Steve to bring premium pricing to the many exclusive sellers he represents. Some recent exclusive listings include a $25M brand new shopping center in Nassau County, Long Island; a $100M trophy mixed-use retail/office property in a top Midwestern location; several CT shopping centers; a NJ prime medical office property; bank and drugstore NNNs; and proposing on several NYC retail and office assets totaling several hundred million dollars. For more information on our Bisnow partner, Marcus & Millichap, click here.
