MIDLAND, Texas, November 2, 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 the Permian Industrial Portfolio, a fully leased, seven-building 50,750-square-foot industrial portfolio located in Midland, Texas, according to Tim A. Speck, division manager of the firm’s Dallas office.

Adam Abushagur, senior managing director investments, and Davis Cagle, associate, had the exclusive listing to market the properties on behalf of the seller, a private investor.

“Since the portfolio is fully leased to various oil and gas-related companies, the fluctuating oil prices during COVID-19 posed a challenge,” continued Cagle “our team addressed the obstacle with a sound marketing strategy and facilitated seven acceptable offers from in-state and out-of-state investors. Ultimately, we aided the seller in selecting a repeat investor seeking new construction and a high return in the rebounding oil and gas market.”

“We enjoyed assisting the seller with his goal of liquidating a portion of this 15-building portfolio to reinvest proceeds in alternate diversified assets,” said Abushagur.

The Permian Industrial Portfolio is located at 3107 S County Road 1180, 3211 S County Road 1180, 1110 E County Road 119, 1311 E County Road 119, 1403 E County Road 119, 1720 E County Road 140, 5806 FM 715, all of which are located in Midland, Texas. The subject properties are situated on 26.25 acres of land and were developed by the seller in 2018 and 2019.

 

#     #     #

 

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.