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 Highway 285 RV Park, a 20 acre 103-site RV Park located in Pecos, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Robert Denninger and Brad Dorsey, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. “I was driving the Pecos, TX market and saw Highway 285 RV Park and knew it was new and wasn’t in my database. I reached out to the owner and they explained they were looking to move forward with another venture in early 2020 and were exploring the idea of selling,” said Denninger.
The buyer, a private investor, was also secured and represented by Denninger. “I was able to get an out-of-state buyer who I had closed with before to take a look at the deal and they were willing to come in all cash and close before year end. They were looking to expand their Permian Basin RV footprint, and Highway 285 was an asset that would help them do that. We had some challenges along the way, especially with the shortened timeframes, but we were all fast to communicate and willing to work with each other towards the common goal. Everyone walked away from this transaction pleased,” adds Denninger. The buyer ended up buying the park with a 30 Calendar Day Escrow Period and an all cash offer. The buyer stated, “Robert was able to effectively manage a variety of strong personalities and ambitious expectations on both sides of the table,” and added, “We look forward to doing our next deal with Robert and Marcus & Millichap!”
Built in 2018, Highway 285 RV Park is located at 2200 North Highway 285 in Pecos, Texas. The property is on 20 acres with 10 acres already developed.
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.
