10/27/2021 | Press release | Distributed by Public on 10/27/2021 10:12
DALLAS, TEXAS, October 27, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Walnut Hill Business Center, a multi-tenant, 108,154-square-foot industrial property located in Dallas, Texas, according to Tim A. Speck, division manager of the firm's Dallas office.
Adam Abushagur, senior managing director investments, and Tyler Ranft, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. Abushagur and Ranft also procured the out-of-state institutional buyer.
"The possibility of losing tenant during escrow posed a challenge; however, we addressed the issue by communicating the immediate value-add opportunity to the buyer. Ultimately, the buyer was able to feel confident and made their first-time investment in the DFW market," said Ranft.
"We assisted the seller with the goal of liquidating the asset to finance the development of a new DFW retail property," said Abushagur.
Walnut Hill Business Center is located at 2636 Walnut Hill Lane in Dallas, Texas. The subject property is situated on 7.11 acres of land and was built in 1979.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.