Marcus & Millichap Arranges The Sale Of A 38,380-Square Foot Industrial Portfolio
MARCUS & MILLICHAP ARRANGES THE SALE OF
A 38,380-SQUARE FOOT INDUSTRIAL PORTFOLIO
INDEPENDENCE, LA, March 26, 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 Armour Eckrich Meats Portfolio, a 38,380-square foot industrial portfolio located in Galesburg, Illinois; Independence, Louisiana; Findlay, Ohio; and Alexander, Arkansas, according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, senior vice president investments and Tyler Sharp, associate, 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 and Sharp.
“We overcame zoning challenges by assisting the buyer in obtaining flood insurance quotes and obtaining new zoning for a long-term solution,” said Sharp. “Ultimately, we were able to find a high-net-worth syndicated buyer in a timely fashion after working to match their investment criteria,” he said.
“Even with the deferred maintenance, we were able to trade at a satisfactory price per foot, representative of the overall stable market sentiment,” said Abushagur.
Armour Eckrich Meats Portfolio is located at 1861 South Henderson Street in Galesburg, Illinois; 142 Tortorice Lane in Independence, Louisiana; 4411 Township Road 142 in Findlay, Ohio; and 190 Corner Stone Road in Alexander, Arkansas. The subject properties are situated on a combined 9.32 acres and were built in 1996, 2013, 2017, and 1999.
# # #
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.