Marcus & Millichap Inc.
08/08/2024 | Press release | Archived content
Marcus & Millichap Announces Sale and Financing of Five-Tenant Retail Center in Frisco Texas
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Marcus & Millichap Announces Sale and Financing of Five-Tenant Retail Center in Frisco Texas
August 08, 2024
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FRISCO, TX., August 8, 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 and financing of a five-tenant retail center in Frisco, Texas.
"This transaction highlights the strength and desirability of the Frisco market, as well as the continued demand for well-located retail centers," says William Kim, first vice president investments in Marcus & Millichap's Dallas office. Kim represented the buyer in the transaction, JT Arlington LLC.
Duke Dennis, Dallas-based senior director at Marcus & Millichap Capital Corporation (MMCC), secured $2,794,000 in acquisition financing with a local credit union. Terms of the 5-year non-recourse loan include a 7% fixed interest rate with 30-years amortization. "The client was a first-time buyer of investment real estate and did not have established lending relationships," says Mr. Dennis. "In light of that, the client decided to exclusively engage with MMCC, given our extensive experience and network of lenders. In the end, we were able to procure very attractive terms in this difficult environment."
Located at 6828 Stonebrook Pkwy., the fully occupied 9,291-square-foot retail center is situated at the intersection of Dallas North Tollway and Stonebrook Parkway. Tenants at the property include Active Dental, Stonebrook Eyecare and Eyewear, ATI Physical Therapy, Momo's Coffeehouse, and Jamba Juice.
"This transaction highlights the strength and desirability of the Frisco market, as well as the continued demand for well-located retail centers," says William Kim, first vice president investments in Marcus & Millichap's Dallas office. Kim represented the buyer in the transaction, JT Arlington LLC.
Duke Dennis, Dallas-based senior director at Marcus & Millichap Capital Corporation (MMCC), secured $2,794,000 in acquisition financing with a local credit union. Terms of the 5-year non-recourse loan include a 7% fixed interest rate with 30-years amortization. "The client was a first-time buyer of investment real estate and did not have established lending relationships," says Mr. Dennis. "In light of that, the client decided to exclusively engage with MMCC, given our extensive experience and network of lenders. In the end, we were able to procure very attractive terms in this difficult environment."
Located at 6828 Stonebrook Pkwy., the fully occupied 9,291-square-foot retail center is situated at the intersection of Dallas North Tollway and Stonebrook Parkway. Tenants at the property include Active Dental, Stonebrook Eyecare and Eyewear, ATI Physical Therapy, Momo's Coffeehouse, and Jamba Juice.
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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.