Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of O’Reilly Auto Parts, a 6,733-square foot net-leased property located in Alice, Texas.

Kyle Varni, associate and Vincent Knipp, senior managing director investments, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The team also procured the buyer, who was in a 1031-exchange.

“This was a very difficult transaction with a lot of moving parts,” said Varni. “Despite the complications, we were able to work with several different parties in order to bring the transaction to a successful close.”

The O’Reilly Auto Parts was able to achieve a very aggressive cap rate despite the short-term lease and the low price point for an investment grade tenant. The property sits on 0.79 acres of land and is located at 1501 East Main Street in Alice, Texas.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.