Saturday, August 27, 2011

$6.4 Million Retail Portfolio Sale Arranged by Marcus & Millichap in Dallas-Fort Worth, TX Metroplex

  

  

SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of three single-tenant net-leased assets in Texas.

Combined, the assets, which are 7-Eleven convenience stores located in the Dallas/Fort Worth Metroplex, traded for $6,400,000. 

Alvin Mansour (middle right photo), a senior vice president and senior director of Marcus & Millichap’s National Retail Group (NRG), represented the seller, a local developer in the portfolio sale.

“Single-tenant net-leased assets in prime locations remain in high demand, even as the economy encounters a soft patch,” says Mansour.

“The buyer sold his steel company for $100 million in a 1031 exchange for the portfolio, which commanded $6.4 million in an all-cash deal that closed within six days of a signed contract. These are excellent long-term investments: Each of the properties has 15-year corporate-backed leases remaining,” he says.

“In addition, convenience stores in infill locations remain highly sought-after among investors. Cap rates will continue to compress for these assets as many national retailers like 7-Eleven continue to pursue plans for expansion and new construction of product in the next 18 months,” notes Mansour.

The 7-Eleven portfolio commanded $6.4 million and includes:

  • ·        9235 John W. Carpenter Freeway in Dallas – $2,217,090

  • ·        1908 Yucca Ave. in Fort Worth, Texas – $2,143,187

  • ·        100 East Interstate 20 in Arlington, Texas – $2,039,723

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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