Local Investors Seek Out Metroplex Industrial Properties
Local Investors Seek Out Metroplex Industrial Properties
DALLAS, Dec. 13, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that Adam Abushagur, senior associate in Dallas, closed four industrial property sales in the Dallas/Fort Worth area between Oct. 11 and Nov. 27. The assets sold for a total of more than $21 million.
“Local investors are emerging to provide out-of-state buyers with stiff competition for industrial investment properties in the Dallas/Fort Worth area,” comments Abushagur. “This marks a change over last year when out-of-state purchasers were prevalent. We procured offers from out-of-state investors for all four of these assets but local buyers prevailed in three of the closings.”
The properties are:
• PM Standley Motorcars, a 97,530-square-foot car dealership in Carrollton
• M3 Glass Technologies, four buildings totaling 43,775 square feet in Irving
• Texas Wholesale, a 126,960-square-foot office and distribution center in Dallas
• 2943-2947 Blystone Lane, a 20,882-square-foot, multi-tenant industrial asset in Dallas
“The Texas Wholesale transaction closed with the lowest cap rate of all the industrial property sales we’ve closed this year,” adds Abushagur. “That sale is a good indicator of the strength of the buyer pool for industrial opportunities in the Metroplex. The Blystone Lane property was the only one of the four that didn’t go to a local buyer. That asset was purchased by a New York-based investor in a 1031 exchange.”