MARCUS & MILLICHAP FACILITATES THE SALE-LEASEBACK OF A 30,335-SQUARE FOOT NET-LEASED PROPERTY
CARROLLTON, 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 facilitation of the sale-leaseback of Spirit International, a 30,335-square foot net-leased property located in Carrollton, Texas, according to Tim A. Speck, regional manager of the firm’s Dallas office. The terms of the sale were not released.
Adam Abushagur, an associate in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. Abushagur also procured the buyer, an international private investor. The closing of Spirit International set a submarket record for the highest price per square foot since in 2007. The transaction closed within 23 days of mutual execution of the purchase and sale agreement.
“We received five letters of intent as a result of the Marcus & Millichap platform within the first 48 hours of listing the asset from investors from coast-to-coast and abroad,” says Abushagur. “Texas’ robust and diverse economy is drawing more investment dollars into the state as investors continue to chase the highest yields possible in the current national and global economy.”
Spirit International is located at 1200 Valwood Parkway in Carrollton, Texas, just west of South Interstate 35E. Constructed in 1998, the asset is situated on approximately 3.25 acres of land. Spirit International is a leading LED manufacturer for such major companies as Walmart, Target, K-Mart, Sears and Kohl’s. At the time of closing, the company agreed to enter into a triple-net, 12-year sale-leaseback.