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 Corners, a 14,218-square foot retail property located in Roanoke, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Philip Levy, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was also secured and represented by Levy.
“We were able to close despite 100% of the tenants not paying full rent at the time of close, as a result of some sort of rent deferral from the landlord due to the Covid-19 market disruption. The buyer was an all cash buyer that closed escrow in two weeks,” commented Levy, “The seller was looking for an all cash buyer or a buyer that would use a local bank that understood the real estate. We were able to use the Marcus & Millichap platform and our relationships in Texas to bring as many as 15 offers”.
Roanoke Corners is located at 1104 & 1112 N State Hwy 377 in Roanoke, Texas. The subject property is 100 percent occupied, and all leases are triple-net. The internet-resistant tenant base consists of Roanoke Nails, AT&T, Cinch Cleaners, Affinity Dental, Rise Men's Health, Donut Paradise, and Liquor Stop.
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.
