MARCUS & MILLICHAP ARRANGES THE SALE OF
A 46,250-SQUARE FOOT INDUSTRIAL BUILDING

 

THE COLONY, Texas, December 30, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Riverview Business Center, a 46,250-square foot industrial property located in The Colony, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Adam Abushagur, industrial specialist and first vice president investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also procured by Abushagur.

“The property was previously marketed with an alternative brokerage firm with no acceptable offers procured during their marketing process,” said Abushagur. “This proved to be the toughest challenge while marketing the asset, as many local buyers had already seen the listing during the previous marketing cycle. We targeted out-of-state investors through the Marcus & Millichap platform who hadn’t seen the offering, and ultimately transacted with a California 1031-exchange buyer,” he said.

Riverview Business Center is located at 1671 Riverview Drive in The Colony, Texas.  The subject property is situated on 4.06 acres, was built in 2006 and renovated in 2010.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.