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 River Oaks Shopping Center, a 23,380-square foot retail property located in River Oaks, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Philip Levy, Senior Managing Director Investments in Marcus & Millichap’s Dallas office and Chris Gainey, First Vice President Investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Levy and Gainey.
“This center had previously been on market with a local brokerage shop prior to our group listing the asset for the seller, and the local brokerage group was not having success bringing offers in the price range the seller wanted. Utilizing our Marcus & Millichap platform, we were able to procure multiple offers within the first two weeks of marketing from both local and out-of-area buyers. We were able put the property under contract with an out-of-area buyer reaching the seller’s pricing goals,” commented Gainey, “We took over this listing during the height of the Covid-19 pandemic when the prevailing dialogue from most in the CRE industry was that the buyer activity was non-existent and strip center pricing had taken a considerable hit because of the uncertainty in the market. The seller was looking for a brokerage group who could maximize the marketing reach to as many buyers as possible, not just those buyers located in the DFW area, in order to drive offer activity and price. We were able to achieve both of those goals for the seller through our marketing platform. This deal was the ultimate testament to how our team’s tiered marketing approach, coupled with the reach of the Marcus & Millichap platform, can give sellers exposure to more qualified buyers than our local competition is able to provide. Especially in these uncertain times, in order to truly maximize exit price, sellers need to know that their properties are being seen and evaluated by every possible buyer in the marketplace, not just potential buyers located solely in the DFW area. Our marketing platform gives sellers the highest probability of achieving maximum exposure to buyers, and thereby the highest probability of achieving the highest possible exit price.”
The sellers commented, “This being our first experience listing one of our properties with Chris and Philip, we couldn’t be happier with the results. They managed to maximize our property’s value during a time of uncertainty”.
River Oaks Shopping Center is located at 4847 River Oaks Blvd in River Oaks, Texas. The subject property is a 100% occupied, 23,380-square foot, multi-tenant retail center anchored by Dollar Tree and La Michoacana grocery chain.
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.
