Marcus & Millichap Inc.
11/11/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of 13,265 Square Foot Mixed Use Property in Uptown Dallas
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Marcus & Millichap Brokers Sale of 13,265-Square-Foot Mixed-Use Property in Uptown Dallas
November 11, 2024
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DALLAS, Nov. 11, 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 3203 McKinney Ave, a 13,265-square-foot mixed-use asset in Uptown Dallas, Texas.
"Uptown Dallas is on the verge of a significant landscape shift, with several new vertical development projects on the horizon. Rising demand for space in this submarket, combined with increasing construction costs, has driven rental values for new construction properties to an all-time high," said Joe Santelli, CCIM, first vice president investments. "This has propelled demand for well-located existing assets by owner-users and investors searching for rare opportunities within the Uptown area. Our global marketing efforts have driven activity from both local and nationally based buyers, consistently delivering the highest value for our clients in the market today."
Santelli, an urban property investment specialist in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the seller, a private investor, and procured the buyer, an out-of-state private investor and owner-user.
Located at the signalized corner of Bowen Street and McKinney Avenue in the heart of Uptown Dallas, 3203 McKinney Ave. is a three-story property featuring 5,829 square feet of office/retail space and 7,436 square feet of residential space. Amenities include a gated parking garage, multiple balconies, and a private elevator. The property is surrounded by upscale developments, restaurants, and retail establishments.
"Uptown Dallas is on the verge of a significant landscape shift, with several new vertical development projects on the horizon. Rising demand for space in this submarket, combined with increasing construction costs, has driven rental values for new construction properties to an all-time high," said Joe Santelli, CCIM, first vice president investments. "This has propelled demand for well-located existing assets by owner-users and investors searching for rare opportunities within the Uptown area. Our global marketing efforts have driven activity from both local and nationally based buyers, consistently delivering the highest value for our clients in the market today."
Santelli, an urban property investment specialist in Marcus & Millichap's Dallas office, exclusively marketed the property on behalf of the seller, a private investor, and procured the buyer, an out-of-state private investor and owner-user.
Located at the signalized corner of Bowen Street and McKinney Avenue in the heart of Uptown Dallas, 3203 McKinney Ave. is a three-story property featuring 5,829 square feet of office/retail space and 7,436 square feet of residential space. Amenities include a gated parking garage, multiple balconies, and a private elevator. The property is surrounded by upscale developments, restaurants, and retail establishments.
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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.