MARCUS & MILLICHAP ARRANGES THE SALE OF A 54,000-SQUARE FOOT INDUSTRIAL PROPERTY
GARLAND, 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 54,000-square foot industrial property located in Garland, Texas, according to Tim A. Speck, district manager of the firm’s Dallas office. The terms of the sale were not released.
Adam Abushagur, an associate in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. Abushagur also procured the buyer, a California-based private investor. The buyer acquired the asset through a 1031 exchange. The transaction closed within 30 days from date of listing.
“Investors across the country are aggressively pursuing industrial assets with long-term leases,” says Abushagur. “Recognizing the demand for these assets, I utilized Marcus & Millichap national platform and exposed the property to investors from coast to coast. It was through this proprietary system, I sourced several competitive offers from both, local and out-of-state investors, resulting in a record price per square foot for Garland light manufacturing assets.”
The subject property is located at 3605 Security Street in Garland, Texas near the intersection of South Jupiter and West Miller roads. Originally constructed in 1975 and updated in 2015, the seller reports injecting more than $450,000 in capital improvements during the renovation. The 10-office industrial asset is tenanted by Andreola Terrazzo & Restoration, a Texas-based company specializing in stone restoration.