Marcus & Millichap : Arranges the Sale of a Net-Leased Auto Service Center in Lyndhurst,

LYNDHURST, OH, January 9, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of a Tesla Store and Service Center, a 23,428-square-foot, net-leased property located in Lyndhurst, Ohio, according to Steven D. Weinstock, Regional Manager and First Vice President of the firm’s Chicago Oak Brook office. The asset sold for $5,575,000.

The buyer, a Florida-based limited liability company, was secured and represented by Dominic Sulo, Senior Vice President, and Andrew P. Antoniou, Associate, and investment specialists in Marcus & Millichap’s Chicago Oak Brook office. Michael Glass, Ohio Broker of Record, assisted in closing this transaction.

The Tesla Store and Service Center is located at 5180 Mayfield Road in Lyndhurst, Ohio, less than three miles from Interstate-271. Falling within the Cleveland MSA, this property is surrounded by a population of nearly three million people within a 20-mile radius. One of just four Tesla dealerships in Ohio, this location opened in 2014 and has eight years remaining on an initial 10-year lease.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.