MARCUS & MILLICHAP ARRANGES THE SALE OF
A FLEX PROPERTY ON KING ARTHUR DRIVE
DALLAS, May 11, 2018 – 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 Parrish-Hare, a 7,642-square foot industrial property located in Dallas, according to Tim A. Speck, first vice president district manager of the firm’s Dallas office.
“The offering was an exemplifying example of a pre-conceived difficult investment to sell with 12 months remaining on the primary lease term. Investors and brokers in the market place tend to believe investment offerings with under five years remaining on the primary lease term tend to be more difficult to transact. That proves to be false in this offering. With over 100 offering memorandum requests, three LOIs in 24 hours of launching and an acceptable LOI within 48 hours; we proved the preconceived objection false,” said Adam Abushagur, senior associate in Marcus & Millichap’s Dallas office.
Abushagur, represented the seller, a local partnership, and procured the buyer. The buyer, a Fort Worth based investment group, has previously worked with and bought property from Marcus & Millichap’s Fort Worth self-storage team.
Parrish-Hare is located at 9127 King Arthur Drive in Dallas, and stayed on the market two days prior to closing. It is the only flex property of its size on King Arthur Drive.