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 1400 Corporate Drive, a 64,400-square foot office property located in Irving, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Ron Hebert, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also secured by Hebert.
“The sale of 1400 Corporate is an example of the improving suburban office market, a market predicted to flourish in coming years as experts believe commuters and workers alarmed by the COVID-19 pandemic will increasingly favor commuting by car over mass transit,” commented Hebert, “I was able to secure a 1031 exchange buyer amidst the market disruption, helping both the buyer and the seller to achieve their investment goals”.
“Ron did a great job in finding the best buyer and shepherding the process during these difficult COVID days and working with the lender to provide additional information,” commented the sellers, Shashikanth Kanaparthi & Surender Kantareddy.
The subject property is located at 1400 Corporate Drive in Irving, Texas. Built in 1983, the property is a 64,400 SF, multi-tenant office building located minutes from DFW International Airport with easy access to George Bush Turnpike and Highway 114.
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.
