Marcus & Millichap, one of the leading commercial real estate investment services firms with offices throughout the U.S. and Canada, completed the sale of Chapel West at Yale, 90,000 s/f of land, according to J.D. Parker, regional manager of the firm's New Haven office. The asset commanded a selling price of $3.675 million.
Steve Witten and Victor 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 a 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 across the street from the new Yale Sculpture Gallery and School of Architecture parking facility in downtown New Haven's 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," said Witten. "It is considered one of the last pieces of highly desirable, vacant, and developable land in New Haven."