Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Gateway Plaza, a Las Colinas office property located in Irving, 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 owner user buyer, NTR Metals. was secured and represented by an outside broker.

“We had three owner user buyers who were interested in this property. The major tenant occupying approximately 60% of the property expired in mid-2021,” commented Hebert, “The seller was looking to free up capital and the buyer was an owner user who plans to occupy a large percentage of the property”.

The seller commented, “Ron, thanks for selling another Irving asset in these COVID times this was the most challenging asset that I have sold due to the large tenant expiring in mid-2021, cap ex and other issues. I appreciate your staying on top of the sale and qualifying the Buyers”.

Gateway Plaza is located at 1901 Gateway Dr in Irving, Texas. The property is anchored by Cottonwood Financial and is 69% leased.

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.