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 405 Airport Fwy, an office property located in Bedford, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Ron Hebert and Blake Burnett, investment specialists 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 secured and represented by Hebert and Burnett.

“Despite the property having deferred maintenance and weak occupancy after losing its parking lot, we were able to find a 1031 buyer using our buyer platform. The buyer was drawn to the location and billboard,” Hebert stated. He added, “By utilizing our experience and enhancing our marketing efforts, our deals are continuing to get done amidst the market uncertainty”.

The seller commented, “No one else could have done better. They kept the deal together with a newer small 1031 buyer during these tough market times”.

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 9,726 transactions in 2019 with a value of approximately $50 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.