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 Royal Cornerstone Portfolio, a 176,645-square foot industrial portfolio located in Irving, Texas and Allen, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Adam Abushagur, senior vice president investments and Sam Martin, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Abushagur and Martin.
“We removed contingencies with no re-trades and increased non-refundable earnest money by $50,000 to ensure buyer commitment,” said Martin. “By highlighting strong property locations, below market rents, and no default tenants, we were able to manage buyer expectations during a health pandemic,” she said.
“Despite obstacles faced due to the Coronavirus shutdown, we closed two weeks early,” said Abushagur. “Class B assets continuously prove to add substantial value and return in an uncertain economy,” he added.
Royal Cornerstone Portfolio is located at 8600 North Royal Lane in Irving, Texas and at 1300 North Central Expressway in Allen, Texas. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000.
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.
