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 The Offices at Grapevine 360, a 21,236-square foot office property located in Grapevine, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Ron Hebert, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/personal trust, was also secured and represented by Ron Hebert.
“With the Marcus & Millichap platform I was able to reach a large buyer pool which generated multiple offers, and ultimately transacted with a California buyer. This was the buyer’s initial purchase in DFW,” stated Hebert. “I was able to show the buyer the upsides of purchasing this property below replacement cost, with the newer construction and the opportunity for increasing rental rates and occupancy.”
The Offices at Grapevine 360 is located at 4550 State Highway 360 in Grapevine, Texas. The multi-tenant one-story office building containing approximately 21,236 rentable square feet, features newer 2008 construction. The subject property is ideally located between Dallas and Fort Worth, just west of the Dallas/Fort Worth International Airport. The property allows for easy, direct access onto the Dallas/Fort Worth airport grounds via Glade Road to Airfield Drive without entering a freeway.
The property's state of the art design offers operating efficiency and a parking ratio of four per one thousand square feet. In addition, the subject property is conveniently located within proximity to two major highways, State Highway 360 and Highway 121. Due to its central location, the city attracts employers and retailers capitalizing on the access to the airport as well as intersecting highways.
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.
