Marcus & Millichap Inc.
07/16/2024 | Press release | Distributed by Public on 07/17/2024 15:20
Marcus & Millichap Brokers 11,492 Square Foot Retail Strip in Fort Worth
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Marcus & Millichap Brokers 11,492-Square-Foot Retail Strip in Fort Worth
July 16, 2024
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FORT WORTH, TX, July 16, 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 Heritage Trace IV, an 11,492-square-foot retail strip in Fort Worth, Texas.
"Even in a challenging financing environment, we received multiple offers on this asset during our marketing process. This transaction reinforces the increasing interest we see from the investment community for well-located retail centers in strong Texas submarkets," says Chris Gainey, senior vice president investments.
Gainey and Phillip Levy, investment specialists in Marcus & Millichap's Fort Worth and Dallas offices, represented the seller, a local private investor. "The buyer was a private, out-of-state group in a 1031 exchange moving from other types of commercial properties into Texas retail assets due to the strong fundamentals retail is experiencing across the state, particularly in DFW," adds Gainey.
Located at 9633 N. Freeway, the multi-tenant retail strip is situated on the west side of North Freeway near Interstate 35 West, in a prime retail corridor with national retailers nearby, including Target, Hobby Lobby, and Kroger Marketplace. The center is fully occupied, and all leases are triple-net, with tenants including Just Love Coffee Café, RevFit, Flossophy Dental Studio, and Big Chicken. The property is directly across from a master-planned 89-acre development that will include apartment homes, office, dining, and retail options.
"Even in a challenging financing environment, we received multiple offers on this asset during our marketing process. This transaction reinforces the increasing interest we see from the investment community for well-located retail centers in strong Texas submarkets," says Chris Gainey, senior vice president investments.
Gainey and Phillip Levy, investment specialists in Marcus & Millichap's Fort Worth and Dallas offices, represented the seller, a local private investor. "The buyer was a private, out-of-state group in a 1031 exchange moving from other types of commercial properties into Texas retail assets due to the strong fundamentals retail is experiencing across the state, particularly in DFW," adds Gainey.
Located at 9633 N. Freeway, the multi-tenant retail strip is situated on the west side of North Freeway near Interstate 35 West, in a prime retail corridor with national retailers nearby, including Target, Hobby Lobby, and Kroger Marketplace. The center is fully occupied, and all leases are triple-net, with tenants including Just Love Coffee Café, RevFit, Flossophy Dental Studio, and Big Chicken. The property is directly across from a master-planned 89-acre development that will include apartment homes, office, dining, and retail options.
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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.