MARCUS & MILLICHAP ARRANGES THE SALE OF A 48,413-SQUARE FOOT INDUSTRIAL BUILDING
GARLAND, TX, September 26, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Lyles Industrial Park, a 48,413-square foot industrial property located in Garland, Texas, according to Tim A. Speck, division 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.
“It was a complex transaction involving a delinquent tenant and restricted zoning,” said Martin. “We were still able to negotiate a sale under a 7 percent cap with potential upside through increasing below-market rents,” she said.
Lyles Industrial Park is located at 106 Austin Street, 108 Austin Street, 112 Austin Street, 116 Austin Street, 121 Austin Street, 129 Austin Street, 138 Austin Street, 205 Austin Street, 209/211 Austin Street, 213 Austin Street, 217 Austin Street, 221 Austin Street, 128 South 3rd Street, 207 Main Street, and 303 Main Street. The 3.53-acre subject portfolio consists of three plots of land and twelve buildings that were built from 1930-1983.
# # #
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.