Marcus & Millichap Inc.
11/19/2024 | Press release | Distributed by Public on 11/19/2024 15:33
Marcus & Millichap Arranges Sale of Prime Retail Center in High-Growth Saginaw Market
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Marcus & Millichap Arranges Sale of Prime Retail Center in High-Growth Saginaw Market
November 19, 2024
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SAGINAW, Texas, Nov. 19, 2024 - 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 Victory Shops at Basswood VI, an 8,246-square-foot retail center in a high-growth area of Saginaw, Texas.
"This sale highlights the growing demand from cross-product 1031-exchange buyers for Class A retail centers with rent roll growth potential in the Dallas-Fort Worth metroplex," said Chris Gainey, senior vice president investments. "The property ultimately sold to an out-of-state 1031-exchange buyer who was moving out of other commercial asset types, targeting new-construction retail centers in high growth pockets of major Texas MSAs."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas-Fort Worth offices, exclusively marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor.
Built in 2021, Victory Shops is located at 7000 Blue Mound Road, near the intersection of Blue Mound Road and Basswood Boulevard, with numerous national retailers in the immediate area. The property is fully occupied by four tenants including Mooyah Burger, Thrive Pet Healthcare, Bazooka Charlie's Barber Co., and Swig.
"This sale highlights the growing demand from cross-product 1031-exchange buyers for Class A retail centers with rent roll growth potential in the Dallas-Fort Worth metroplex," said Chris Gainey, senior vice president investments. "The property ultimately sold to an out-of-state 1031-exchange buyer who was moving out of other commercial asset types, targeting new-construction retail centers in high growth pockets of major Texas MSAs."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas-Fort Worth offices, exclusively marketed the property on behalf of the seller and procured the buyer, an out-of-state private investor.
Built in 2021, Victory Shops is located at 7000 Blue Mound Road, near the intersection of Blue Mound Road and Basswood Boulevard, with numerous national retailers in the immediate area. The property is fully occupied by four tenants including Mooyah Burger, Thrive Pet Healthcare, Bazooka Charlie's Barber Co., and Swig.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.