Marcus & Millichap Arranges The Sale Of A 26,835-Square-Foot Industrial Building
LUBBOCK, TX, May 12, 2022 – 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 8209 Highway 87, a multi-tenant, 26,835-square-foot industrial property located in Lubbock, Texas, leased to All American Glass Distributors Inc., and Lubbock Glass and Mirror, 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 property on behalf of the seller, a repeat private investor.
“This property closed 30 days early at 97 percent of ask price with all cash to a 1031-exchange investor out of El Paso seeking long-term hands-off opportunity,” said Cagle.
“Our team overcame the challenge of marketing a multi-market portfolio by relisting the properties individually and successfully assisted the seller in divesting the asset previously acquired via portfolio sale,” said Abushagur.
8209 Highway 87 is located in Lubbock, Texas. The subject property is situated on 2.78 acres of land and was built in 1988.
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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.