Marcus & Millichap Inc.
11/21/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of Retail Center in Dallas-Fort Worth Metroplex
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Marcus & Millichap Brokers Sale of Retail Center in Dallas-Fort Worth Metroplex
November 21, 2024
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LEWISVILLE, Texas, Nov. 21, 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 Lake Vista Center, a multi-tenant retail center in Lewisville, Texas.
"This sale was a great example of the power of our firm's marketing platform and reach into the private capital buyer pool, particularly with 1031-exchange buyers," said Chris Gainey, senior vice president investments. "After sourcing multiple offers on the property, we ultimately closed with an out-of-state 1031-exchange buyer who was near their deadline and went from contract to close in just one day."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the local seller. "We continue to see unanchored retail centers as an increasingly attractive destination for private capital and 1031-exchange driven buyers who are drawn to the growth taking place across the major Texas markets, especially Dallas/Ft. Worth," Gainey adds.
Built in 2007, Lake Vista Center spans 21,298 square feet across two buildings on a 2.43-acre parcel. Located at 755 TX-121 BUS, the center is near Texas Highway 121 and Interstate 35E, which see combined daily traffic counts of more than 220,737 vehicles. Tenants include Lucky Smiles, Lewisville Salon Suites and Spa, USCR Taekwondo, Tiff's Treats, 4Thirteen Kitchen and Sports Bar, and Lucky Smoke Shop. The surrounding area has a population of more than 258,000 residents within five miles and a daytime population exceeding 111,000 employees.
"This sale was a great example of the power of our firm's marketing platform and reach into the private capital buyer pool, particularly with 1031-exchange buyers," said Chris Gainey, senior vice president investments. "After sourcing multiple offers on the property, we ultimately closed with an out-of-state 1031-exchange buyer who was near their deadline and went from contract to close in just one day."
Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the local seller. "We continue to see unanchored retail centers as an increasingly attractive destination for private capital and 1031-exchange driven buyers who are drawn to the growth taking place across the major Texas markets, especially Dallas/Ft. Worth," Gainey adds.
Built in 2007, Lake Vista Center spans 21,298 square feet across two buildings on a 2.43-acre parcel. Located at 755 TX-121 BUS, the center is near Texas Highway 121 and Interstate 35E, which see combined daily traffic counts of more than 220,737 vehicles. Tenants include Lucky Smiles, Lewisville Salon Suites and Spa, USCR Taekwondo, Tiff's Treats, 4Thirteen Kitchen and Sports Bar, and Lucky Smoke Shop. The surrounding area has a population of more than 258,000 residents within five miles and a daytime population exceeding 111,000 employees.
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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.