MARCUS & MILLICHAP ARRANGES THE SALE OF
A 37,736-SQUARE FOOT INDUSTRIAL BUILDING

 

HOUSTON, January 22, 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 7200 Wynnpark Drive, a 37,736-square foot industrial property located in Houston, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Adam Abushagur, first vice president investments and Cary Latham, associate, had the exclusive listing to market the property on behalf of the seller, a private investor.

“With cold storage in such high demand within the core Houston Metro, we were able to procure four total offers near list price from both national ownership groups, as well as local investors,” said Latham.

“The vacant property had environmental and roof issues with substantial deferred maintenance that was previously unknown,” said Abushagur. “We were able to sell the building as-is due to demand for last-mile distribution in the submarket,” he said.

The subject property, located at 7200 Wynnpark Drive, is situated on 1.35 acres. The asset was built in 1971 and renovated in 1979 and 1982.

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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.