Marcus & Millichap Inc.
01/18/2022 | Press release | Distributed by Public on 01/19/2022 02:37
Marcus & Millichap Arranges The Sale Of A Mutli-Tenant Retail Portfolio
ROANOKE, TEXAS, January 18, 2022 - 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 Roanoke Gateway, a stabilized multi-tenant retail portfolio located in Roanoke, Texas.
"Joe Santelli and The Santelli Group represented me on the sale of Roanoke Gateway in Roanoke, TX" the seller stated. "We understood that the market was robust at the time, but once again Joe and his team exceeded our expectations in this transaction. Within the first week of marketing the asset, Joe was able to procure multiple offers above list price! After Joe and his team assisted in vetting and qualifying the buyers, we selected the right buyer for the deal, who closed above list and within 45 days, allowing us to close before the end of the year. Once again, I trusted Joe and his team to produce results and they came through for one of our smoothest transactions to date. Joe and The Santelli Group have consistently delivered results for me over the years."
Joe Santelli, in Marcus & Millichap's Dallas office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was also secured by Mr. Santelli.
"We experienced an incredible amount of activity on this listing" Santelli said. "Within just the first week of marketing the asset, we received multiple full lists offers, to ultimately transact above list price, with a very short closing period. Stabilized retail assets such as Roanoke Gateway have received a tremendous amount of attention from both local and out-of-state investors looking to place capital in the Dallas-Fort Worth metroplex."
"In addition to the strong demographics in the immediate submarket, what made Roanoke Gateway such an attractive opportunity was the actual design of the portfolio" Santelli continued. "As a result of the pandemic, moving forward we will likely see more restaurants constructed with open-air spaces. What made Roanoke Gateway unique is it already featured three restaurant suites with patio spaces, eliminating the need for a new owner to add these structures and providing confidence in the future performance of the center".
Roanoke Gateway is located at 856-860 TX-114 in Roanoke, Texas. The 14,850-square foot portfolio also featured a pad site prepared for future development. The retail portfolio featured two buildings, built in 2016 and 2018, and was 100% occupied at the time of sale.