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 North Preston Village, a 14,240-square foot retail property located in Prosper, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.
Chris Gainey, First Vice President Investments in Marcus & Millichap’s Fort Worth office and Philip Levy, Senior Managing Director Investments in Marcus & Millichap’s Dallas office, exclusively marketed the property on behalf of the seller, a partnership.
“Through our team’s unmatched marketing reach, we sourced multiple, competitive offers from private capital based within Texas, as well as out-of-state and 1031-exchange investors. Many of the interested parties were drawn to the investment offering due to its newer construction and mix of quality tenant-types, as well as the property’s location in a rapidly growing Dallas submarket,” commented Gainey. “The seller developed the strip center and was looking to exit the asset and move on to other projects, and the buyer was local to the DFW area and in a 1031-exchange, looking to place their funds in a passive retail investment opportunity in a high-profile north Dallas submarket. Utilizing our Marcus & Millichap platform, we were able to accomplish their goals and keep the transaction intact during the Covid-19 pandemic,” he added.
North Preston Village is located at 790 North Preston Road in the high-growth Dallas suburb of Prosper, Texas. The building is new 2018 construction with an attractive facade and landscaping. North Preston Village is situated on 2.0 acres.
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.
