Marcus & Millichap (NYSE: MMI) has announced the sale of Texas Medical Institute, a 11,500-square foot net-leased property located at 3304 SE Loop 820 in in Fort Worth.
“Our marketing efforts procured over 20 offers in two weeks of marketing” states Michael Hansen, an Associate in Marcus & Millichap’s Dallas office. “Most of the offers came in at or above list price. They also included short due-diligence periods, and many offered non-refundable earnest money on day one. Nearly 85% of the offers came from out-of-state investors. Over half of the offers came from investors who have never owned medical office assets before.”
He continues “I think this highlights the Marcus & Millichap platform’s ability to drive capital migration across locales and product types better than anyone else. It also reinforces the narratives that the market puts a premium on owning in Texas and owning strong MOB assets.”
Michael J. Hansen had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Hansen.
“The seller was pleased with the purchaser’s execution” said Hansen. “The higher-than-expected sale proceeds will be used to expand the practice across DFW. The purchaser was in a 1031 exchange. They offered all cash and closed ahead of an already tight timeline. They are pleased to have acquired the home of a successful and growing medical operator and look forward to their long-term partnership.”