Marcus & Millichap Inc.
12/02/2024 | Press release | Distributed by Public on 12/02/2024 15:59
Marcus & Millichap Arranges Sale of Fully Leased Veterinary Medicine Facility in Texas
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Marcus & Millichap Arranges Sale of Fully Leased Veterinary Medicine Facility in Texas
December 02, 2024
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PLANO, Texas, Dec. 2, 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 a three-tenant veterinary medicine office property located in Plano, Texas.
"Despite initial challenges related to a short-term lease, we successfully created a strategy to secure the original contract price and incentivize the buyer to proactively release the vacant space," said William Skoch, associate. "This allowed us to close the deal on this attractive asset in the desirable Texas market."
Skoch and Christopher Mitchel, veterinary real estate investment specialists in Marcus & Millichap's Cleveland office, had the exclusive listing to market the property on behalf of the sellers, a group of sixteen veterinarians who owned the building since 2004. Tim Speck is the Broker of Record in Texas.
Located on 2.8 acres at 10225 Custer Road, the 9,308-square-foot specialty veterinary and emergency facility is open 24/7, 365 days a year. Fully leased to two of the nation's leading veterinary providers, VCA and Ethos Veterinary Health, the facility includes three tenants: Dallas Veterinary Surgical Center and Emergency Animal Hospital of Collin County, both operating under Ethos, and Animal Diagnostic Clinic, operating under VCA.
"Despite initial challenges related to a short-term lease, we successfully created a strategy to secure the original contract price and incentivize the buyer to proactively release the vacant space," said William Skoch, associate. "This allowed us to close the deal on this attractive asset in the desirable Texas market."
Skoch and Christopher Mitchel, veterinary real estate investment specialists in Marcus & Millichap's Cleveland office, had the exclusive listing to market the property on behalf of the sellers, a group of sixteen veterinarians who owned the building since 2004. Tim Speck is the Broker of Record in Texas.
Located on 2.8 acres at 10225 Custer Road, the 9,308-square-foot specialty veterinary and emergency facility is open 24/7, 365 days a year. Fully leased to two of the nation's leading veterinary providers, VCA and Ethos Veterinary Health, the facility includes three tenants: Dallas Veterinary Surgical Center and Emergency Animal Hospital of Collin County, both operating under Ethos, and Animal Diagnostic Clinic, operating under VCA.
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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.