Marcus & Millichap : Arranges The Sale Of A 11,328-Square Feet Of Land
January 18, 2022 at 08:10 pm
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FORT WORTH, TEXAS, January 18, 2022 - 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 601 University, a 0.76-AC redevelopment opportunity located in the heart of the Cultural District of Fort Worth, Texas.
Brett Budde and Joe Santelli, of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Mr. Budde and Mr. Santelli.
601 University is located at 601 University Dr and 3001-3009 W 5th St in Fort Worth, TX. The total offering was equal to 0.76-AC with two buildings on the site, at 8,450-SF and 7,650-SF each. "Within the first day of marketing the asset, we were already receiving full-list offers and eventually multiple qualified offers at-or-above list price. This is a true testament to the tremendous activity and growth potential we're experiencing in the Fort Worth urban markets". Said Budde. "With a versatile asset such as this, we were able to experience a robust buyer pool, with developers and investors of several different product types interested in this opportunity. The demand for well-located urban infill sites, such as 601 University, is at an all-time high as investors aim to service the strong population growth we're experiencing in the major urban markets of Texas". Said Santelli.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2022 20:09:01 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
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