A private investor has sold Trane Distribution Center, a 536,141-square-foot industrial facility in Tyler, Texas. The new owner, also a private investor, took out a $6.9 million loan from Wisconsin Bank & Trust to finance the acquisition, according to Smith County records. First Vice Presidents Tim Speck and Adam Abushagur from Marcus & Millichap’ Dallas office worked on behalf of the seller and also procured the buyer.
Located at 1710 E. Duncan St., the building was completed in 1949 on a 36.9-acre site and includes 68 docks, 15- to 36-foot clear heights and is fully air conditioned and sprinkled. The asset is leased to Trane, which recently expanded to occupy the whole property. According to Abushagur, the facility is currently undergoing a voluntary cleanup program.
At the beginning of the year, a different team from Marcus & Millichap handled a similar transaction. The brokerage company represented the buyer in the $49 million sale of the 820,000-square-foot American Industrial Center in Longwood, Fla.
Full Article: Commercial Property Executive