Class A Property Garners Highest Price Per Square Foot in Submarket in Last Five Years

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today it has brokered the $9.15 million sale of a 30,344-square-foot multi-tenant office building at 45 Eglin Parkway in Fort Walton Beach, Fla. At $302 per square foot, the sale set a record for a general-purpose office property in the submarket over the last five years.

The four-unit, Class A building, which generated multiple offers from investors across the country, has maintained full occupancy since it opened in 2009 and includes a mix of reputable national and regional office tenants.

Frank Roti and Brett Rodgers, first vice presidents of investments in Marcus & Millichap’s Chicago Downtown office, and Alex Sacks, associate in the Chicago Downtown office, represented the seller, Stealth 45 Properties LLC, and procured the buyer, a private Midwest-based fund that was looking to expand its footprint in Florida. Ryan Nee is Marcus & Millichap’s broker of record in Florida.

“The record-setting sale of 45 Eglin Parkway underscores continued investor demand for well-maintained office properties that have successfully navigated the challenges posed by the COVID-19 pandemic,” said Roti. “Leveraging the property’s strong base of credit tenants, which hasn’t changed since the building first opened, and its high-visibility location along Fort Walton Beach’s main corridor, we were able to meet the investment objectives of both buyer and seller.”

About Marcus & Millichap, Inc. (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.

Marcus & Millichap brokered the $9.15 million sale of a 30,344-square-foot multi-tenant office building at 45 Eglin Parkway in Fort Walton Beach, Fla. At $302 per square foot, it set a record for a general-purpose office property in the submarket over the past five years.