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 Churchill Retail Center, a 13,937-square foot retail property located in Flower Mound, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.
Chris Gainey, First Vice President Investments and Philip Levy, Senior Managing Director Investments in Marcus & Millichap’s Fort Worth and Dallas offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Gainey.
“This was one of the first centers we listed immediately following the end of the government-mandated economic shutdowns due to Covid-19 in early spring. We listed with a very aggressive cap rate and as one of the first deals to market in the new environment, we took a big risk with the price. Thanks to the patience of the seller, we were able to eventually find the right buyer to meet their pricing expectations,” commented Gainey, “This was one of the seller’s only commercial property investments and they were looking to re-invest the equity tied up in the center to put towards other business ventures. We were able to source a local 1031-exchange buyer who was able to complete both the closing of his down-leg property and this property within a week’s time of each other in order to meet the year-end close deadline”.
“This transaction was a testament to our marketing platform and our ability to continuously keep our listings fresh and in front of new buyers, no matter how long we have had the property listed. We marketed this property for nearly 8 months before sourcing the right buyer who was able to meet the seller’s pricing expectations”.
Churchill Retail Center is located at 2750 Churchill Drive in Flower Mound, Texas. The subject property is currently 86 percent occupied, and all current tenants have triple net leases.
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.
