Marcus & Millichap ARRANGES THE SALE OF

a 49,883-SQUARE FOOT INDUSTRIAL BUILDING

 

MCKINNEY, TX, August 24, 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 Powerhouse Business Complex, a 49,883-square foot industrial property located in McKinney, TX, according to Timothy A. Speck, regional manager of the firm’s Dallas office.

Adam Abushagur, industrial specialist and Vice President Investments 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 also procured by Adam Abushagur.

“The transaction closed above $100 per square foot and under a 6.50 percent capitalization rate in a highly sought-after market,” said Abushagur.  “The buyer secured a Class A value-added asset, in which eight of the thirteen gross leases expiring this year, allowing him to restructure a majority of the leases in a very tight industrial submarket,” he added.

Powerhouse Business Complex is located at 401 Powerhouse in McKinney, Texas.  The subject property is situated on 3.77 acres of land and was built in 2005.

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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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
2018-08-24T16:17:29+00:00