Marcus & Millichap Arranges The Sale Of A 15,208-Square Foot Industrial Building In 2 Weeks
MARCUS & MILLICHAP ARRANGES THE SALE OF
A 15,208-SQUARE FOOT INDUSTRIAL BUILDING IN 2 WEEKS
MIDLAND, Texas, January 7, 2020 – 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 OCTG Material Handling Systems Inc, a 15,208-square foot industrial property located in Midland, Texas, according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, first vice president investments and Davis Cagle, associate, had the exclusive listing to market the property on behalf of the seller, who is the current occupant. The buyer, a private investor, was also procured by Adam Abushagur and Davis Cagle.
“The seller was able to free up capital and finish a project before consolidating with a shorter-term sale leaseback,” said Cagle. “The all-cash buyer will have the opportunity to replace the tenant at a higher lease rate for increased return or exit strategy,” he said.
“We were able to market the property to prospects in the area and closed in one week, after being on the market less than two weeks,” said Abushagur.
OCTG Material Handling Systems Inc is located at 2614 County Road 103 West in Midland, Texas. The subject property is situated on 1.81 acres of land and was built 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.