Marcus & Millichap Arranges The Sale Of A 74,000-Square Foot Industrial Building
FOREST HILL, TEXAS, August 23, 2021 – a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Forest Hill Multi-Tenant, a 74,000-square foot industrial property located in Forest Hill, Texas, according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, senior managing director investments, and Faith Wilson, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an out-of-state private investor, was also procured by Abushagur and Wilson.
“Our team facilitated a total of 19 offers on this property through aggressive but accurate marketing practices. This enabled the seller and us to narrow down a knowledgeable buyer with competitive transaction terms. Ultimately, the seller achieved her goals in unlocking equity from the property to reinvest into Austin’s retail market. In addition, the out-of-state buyer was able to branch into assets with a fair return,” commented Wilson.
“Previous inaccuracies regarding the survey plat posed challenges; however, through extending the transaction time, our team was able to correct the issues to benefit both buyer and seller,” said Abushagur.
Forest Hill Multi-Tenant is located at 5703 Crawford Lane in Forest Hill, Texas. The subject property is situated on 6.37 acres of land and was built in 1985.
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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.