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 Watauga Retail Center, a 6,000-square foot retail property located in Watauga, 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 private investor. The buyer, a private investor, was also secured and represented by Levy.
“We closed this listing in less than 60 days from the time we listed the center, despite one of the two tenants not paying full rent due to the Covid-19 market disruption. The buyer closed early with a bank, the loan was approved in two weeks and total escrow was 45 days,” 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, and we were able to use the Marcus & Millichap platform and our relationships in Texas to bring as many as 10 offers within 14 days of listing the property”.
Watauga Retail Center is located at 8540 Denton Highway in Watauga, Texas. The center is currently 100 percent occupied, and both leases are triple-net leases. Watauga Retail Center is occupied by two national credit tenants, Verizon and Smoothie King.
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.
