WASHINGTON, D.C. – May 10, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, with Newmark Grubb Knight Frank has closed a $5 million multifamily sale at 421-425 Mission St.
“The buyer selected the property because of its excellent location, low interest rates and high barriers to entry market,” said Han Widjaja Chen of Lee’s Investment Services Group who represented the private buyer. “More and more we’re seeing that low interest rates are fueling up demand and feeding market velocities right now.” The seller was represented by Josh Levy and Matthew Dobson of Newmark Grubb Knight Frank.
According to the brokers, the 20-unit property was traded in an off-market transaction that resulted in a win-win situation for both parties. The buyer plans to execute a long term hold on the property which will fit well within their portfolio. The 15,392-square-foot property is 100 percent leased and almost all the units have been upgraded.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc., Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.