Marcus & Millichap has also announced the sale of United Rentals, a 13,635-square foot industrial property located in Forest Hill, according to Tim A. Speck, division manager in the firm’s Dallas office.
Adam Abushagur, first vice president investments and Cliff Zimmerman, investment specialist 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 Abushagur and Zimmerman.
“Due to the high price per foot, we crafted a narrative to investors highlighting the strength of tenant, combined with the value-add opportunity of utilizing extra acreage for outside storage” said Zimmerman.
“When the buyers pushed back on the transaction due to roof challenges and lease constraints, we focused our efforts on convincing the right investors of the opportunity and procuring multiple offers in order to obtain the most competitive terms for our seller,” said Abushagur.
United Rentals is located at 6212 Anglin Drive in Forest Hill. The subject property is situated on 2.16 acres and was built in 1978.
In The Colony, Marcus & Millichap has announced the sale of Riverview Business Center, a 46,250-square foot industrial property, according to Tim A. Speck, division manager in the firm’s Dallas office.
Abushagur, industrial specialist and first 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 Abushagur.
“The property was previously marketed with an alternative brokerage firm with no acceptable offers procured during their marketing process,” said Abushagur. “This proved to be the toughest challenge while marketing the asset, as many local buyers had already seen the listing during the previous marketing cycle. We targeted out-of-state investors through the Marcus & Millichap platform who hadn’t seen the offering, and ultimately transacted with a California 1031-exchange buyer,” he said.
Riverview Business Center is located at 1671 Riverview Drive in The Colony. The subject property is situated on 4.06 acres, was built in 2006 and renovated in 2010.-0-0-0-