MARCUS & MILLICHAP ARRANGES THE SALE OF A 11,700-SQUARE FOOT RETAIL PROPERTY
FORT WORTH, 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 11,700-square foot multi-tenant property located in Fort Worth, Texas, according to Tim A. Speck, regional manager of the firm’s Dallas office. The terms of the sale were not released.
Vincent Knipp, a vice president investments, and Adam Abushagur, an associate, both in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was procured by Knipp, Abushagur and Bill G. Jordan, a senior associate in Marcus & Millichap’s Fort Worth office.
“The subject property was on the market for more than a year before the seller contacted Marcus & Millichap,” says Abushagur. “Once we began the marketing process, we leveraged our nationwide network of agents and captured the attention of investors from across the country. The net results of our marketing campaign produced 13 offers in only two days.”
The subject property is located at 8556 South Hulen Street in Fort Worth, Texas, just north of West Risinger Road. Constructed in 2003, the asset is situated on approximately 1.29 acres of land. At the time of listing, the center was 100 percent occupied by a complementary mix of national, regional, and local tenants on triple-net leases.