Marcus & Millichap ARRANGES THE SALE OF
a 42,768-SQUARE FOOT INDUSTRIAL BUILDING
GARLAND, TX, January 29, 2019 – 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 42,768-square foot industrial property located in Garland, Texas, according to Tim A. Speck, regional manager of the firm’s Dallas office.
Adam Abushagur, first vice president investments and Sam Martin, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Adam Abushagur and Sam Martin.
“This is a unique asset because it is composed of three separate vacant buildings that share a large outside storage area,” said Martin. “We are anticipating that each of these buildings will be quickly filled within just months to three separate tenants, as the vacancy rate in this area is 3.3 percent. This signifies the high demand for industrial properties throughout Garland.”
“The three assets had to be sold as a package per the client’s request,” said Abushagur. “As such, we targeted investors seeking value add opportunities by leasing up the three separate buildings to three separate tenants. Given the outside storage component, we anticipate full occupancy within 3-4 months.”
The assets are located at 701, 713, and 717 East Walnut Street in Garland, Texas. The subject properties consist of three buildings situated on 2.83 acres of land and were built in 1968.
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