Marcus & Millichap Sells Chapel West at Yale For $3,675,000
FOR IMMEDIATE RELEASE
Contact: J.D. Parker
First Vice President - Regional Manager, New Haven
NEW HAVEN, Conn., May 29, 2014– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Chapel West at Yale, a 90,000 square-feet of land located in New Haven, Conn., according to J.D. Parker, regional manager of the firm’s New Haven office. The asset commanded a selling price of $3,675,000.
Steve B. Witten and Victor W. Nolletti, from Marcus & Millichap’s New Haven office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was secured and represented by Witten and Nolletti.
Chapel West at Yale is an exceptional five-property gateway development site located close to the Hospital of Saint Raphael and the central business district in the thriving high barrier- to-entry city of New Haven, Conn. The property is right across the street from the new Yale Sculpture Gallery and School of Architecture parking facility in downtown New Haven’s historic Chapel West neighborhood.
“The Chapel West development site is located two doors from the Yale School of Architecture in the heart of the Yale University community,” says Witten. “It is considered one of the last pieces of highly desirable, vacant, and developable land in New Haven.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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