Marcus & Millichap Arranges The Sale Of A 333,346-Square Foot Industrial Building
ABERDEEN, SOUTH DAKOTA, August 19, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of 1401 Brown Country 19 North, a 333,346-square foot single-tenant manufacturing facility located in Aberdeen, South Dakota, according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, senior managing director investments, and Tyler Sharp, senior 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.
“During escrow, the tenant’s announcement of nonrenewal brought challenges. However, the TAG Team successfully assisted the seller, a private REIT, in taking advantage of the high demand environment, unlocking the equity in this specialized asset, and ultimately achieving their goal to reinvest in another industrial market,” said Sharp.
“Our team procured a buyer, an out-of-state private investment group seeking to add value to their fund with their first South Dakota acquisition. TAG facilitated consistent communication between all parties,” commented Abushagur, “allowing both buyer and seller to benefit from the transaction.”
The subject property, located at 1401 Brown Country 19 North in Aberdeen, South Dakota, is situated on 54 acres of land and was built in 2007.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.