Marcus & Millichap Inc.
09/26/2024 | Press release | Archived content
Marcus & Millichap Sells 15,000 Square Foot Retail Center in Dallas Suburb
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Marcus & Millichap Sells 15,000-Square-Foot Retail Center in Dallas Suburb
September 26, 2024
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FORNEY, Texas, Sept. 26, 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 Forney Retail Center, a 15,042-square-foot retail center in the Dallas suburb of Forney, Texas.
"This center presented an excellent opportunity to acquire new construction in a high-growth Dallas submarket that is expected to benefit from the area's population boom," said Chris Gainey, senior vice president investments. "While sourcing multiple offers from both local and out-of-area buyers, we completed the sale to a 1031 exchange group from out of state, which was transitioning from other commercial property types into retail centers in DFW, driven by strong metrics and positive growth trends in our market's retail sector."
Chris Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas and Fort Worth offices, exclusively marketed the property on behalf of the local private seller and procured the buyer, an out-of-state limited liability company.
Built in 2023, Forney Retail Center is a Class A multi-tenant retail center located at 476 FM 548, near the signalized intersection of College Avenue. The tenant mix includes national, regional, and local retailers such as Nothing Bundt Cakes, HotWorx, and Wingstop. The center is shadow anchored by a highly anticipated Tom Thumb grocery store, estimated to open in summer 2024, along with more than 20,000 square feet of retail space on the northeast quadrant of FM 548 and College Avenue.
"This center presented an excellent opportunity to acquire new construction in a high-growth Dallas submarket that is expected to benefit from the area's population boom," said Chris Gainey, senior vice president investments. "While sourcing multiple offers from both local and out-of-area buyers, we completed the sale to a 1031 exchange group from out of state, which was transitioning from other commercial property types into retail centers in DFW, driven by strong metrics and positive growth trends in our market's retail sector."
Chris Gainey and Philip Levy, investment specialists in Marcus & Millichap's Dallas and Fort Worth offices, exclusively marketed the property on behalf of the local private seller and procured the buyer, an out-of-state limited liability company.
Built in 2023, Forney Retail Center is a Class A multi-tenant retail center located at 476 FM 548, near the signalized intersection of College Avenue. The tenant mix includes national, regional, and local retailers such as Nothing Bundt Cakes, HotWorx, and Wingstop. The center is shadow anchored by a highly anticipated Tom Thumb grocery store, estimated to open in summer 2024, along with more than 20,000 square feet of retail space on the northeast quadrant of FM 548 and College Avenue.
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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.