Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announces the sale of a Brakes Plus property located at 1711 N Greenville Ave. in Allen, Texas.
Drew Isaac, senior vice president investments, and Brian Bailey, vice president of the Net Leased Properties Group, and in conjunction with Marcus & Millichap’s Texas broker of record, Tim Speck, had the exclusive listing to market the property on behalf of the seller, an out-of-state LLC in a 1031 exchange. The buyer was an out-of-state LLC.
The tenant had 17 years remaining on their original 20-year absolute triple net (NNN) lease. The lease is corporately guaranteed by Mavis Tire Express Service Corp, formally known as EOC Group, Inc., and is backed by over 900 units. The 4,935-square-foot building was built in 2017 on a 0.94-acre lot and is situated in a dense retail corridor in a major Dallas suburb.
“This deal was very attractive to investors since Brakes Plus has solid brand recognition, almost 20 years remaining on an absolute triple net lease, and is surrounded by national retailers like McDonald’s, Taco Bell, Chick-fil-A, and In-N-Out. We generated multiple offers and closed with a 1031 exchange buyer that sold a piece of land and was looking to preserve wealth,” Bailey said.
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 9,726 transactions in 2019 with a value of approximately $50 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.
About The Isaac Group at Marcus & Millichap
The Isaac Group is an industry leading, investment sales, capital markets, and advisory team specializing in the sale of retail properties throughout the United States. We pride ourselves on our ability to find effective solutions to accomplish our clients’ unique real estate needs. Our relationship focused approach, over 30 years of experience, and over one billion in successful transactions (over 70 transactions in 2019 alone), has positioned us as the market leading retail investment sales team. www.IsaacGroup.com.
