The commercial real estate brokerage Marcus & Millichap (NYSE: MMI) announced the sale of $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center in Manchester, Connecticut.
The property was developed in 1962 and is 92% occupied with 46 tenants, including a Stop and Shop grocery store as the anchor retailer. The buyer was identified as a Boston-area private investor and the seller was the estate of Leon Charney, a prominent real estate executive, attorney and media personality.
“We have owned the property for many years, we finished executing the business plan and decided it was time to sell,” said Joseph Giannola, president and CEO of LH Charney Associates. “This is the last retail asset we own and are divesting to focus on our core business in New york City.”
Jim Koury, senior managing director of investments and Alex Quinn, senior associate with the Koury Group of Marcus & Millichap, had the exclusive assignment to market the property.
