MARCUS & MILLICHAP ARRANGES THE SALE OF A 23,329-SQUARE FOOT PROPERTY

ADDISON, Texas, March 1, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 23,329-square foot property located in Addison, Texas, according to Tim A. Speck, regional manager of the firm’s Dallas office. The terms of the sale were not released.

Adam Abushagur, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, an owner/user based in New Mexico, recently acquired an additional hanger at Addison Airport near the subject property. The transaction began with the buyer placing non-refundable earnest money upon execution of the contract and closed with a 10-day escrow period. At the time of listing, the asset was unoccupied.

“The Wright Brother asset is a rare, one of nine, fee-simple properties within Addison Airport,” says Abushagur. “It also personifies the growing demand for office space in the Addison area.”

The two-story, 23,329-square-foot subject property is located at 15510 Wright Brothers Drive on one acre of land in the heart of Addison Airport. Originally built in 1969 and renovated in 2014, the asset features rare runway access, a full-service gym, sauna/steam room, shower, and briefing room, providing the tenant an unprecedented work experience. The asset also features two breakrooms, a server room, three second-story c-suite offices, 19 ground level offices, a pilot’s office, 45 surface parking spaces, approximately 10,000 square feet of hangar/warehouse space, and “through the gate” airport access.