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 MB2 Dental Center, a 5,342-square foot retail property located in Willow Park, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Chris Gainey, First Vice President Investments in Marcus & Millichap’s Fort Worth office, and Philip Levy, Senior Managing Director 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 Gainey and Levy.
“This center was previously on market with another brokerage firm during the earlier part of the Covid-19 outbreak and shutdowns. After several months of minimal buyer activity and the expiration of their listing with their original brokerage firm, the seller reached out to us to re-launch the property to market,” commented Levy, “The seller was looking for a disposition prior to the presidential election at a certain price target and wanted a fresh listing approach with a broader marketing platform to reach more out-of-area and 1031-exchange buyers, while also hitting the local DFW investor market. The seller approached us to utilize our marketing reach to drive offer activity for a quick close while still achieving their pricing goals. We were able to source multiple offers within the first two weeks of marketing the property and close with an out-of-area 1031-exchange buyer”.
“This was another example of how our team’s layered marketing approach coupled with the Marcus & Millichap national platform broadcasts our client’s properties to a much wider audience of buyers than competing brokerage shops are able to achieve. The pandemic has certainly put an emphasis on the importance of sellers being able to reach every possible buyer in the marketplace in order for their property to transact and see competitive offer activity, and no other brokerage firm is set up to accomplish that kind of marketing reach better than we can,” commented Gainey.
MB2 Dental Center is located at 103 Willow Bend Dr in Willow Park, Texas. The subject property is a 5,342-square foot, new construction, two-tenant retail center. The center is 100 percent occupied, and both leases are triple-net leases. MB2 Dental and Willow Park Nail Bar are both new ten-year leases with annual rent bumps and options for renewal. The center is 2020 construction and is situated on a 0.634-acre parcel.
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.
