Marcus & Millichap : Arranges The Sale Of A 5,931-Square Foot Retail Property

MIDLAND, TEXAS, July 5, 2022 – 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 Briarwood Shoppes, a 5,931-square foot retail property located in Midland, Texas, according to Bruce E. Bentley III, regional manager of the firm’s Austin office.

Wes Peacock, Coleman Solomon, and Joseph Blanga, investment specialists in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was procured by Peacock, Solomon, and Blanga.

“This was a very nuanced deal due to a Master Lease on roughly one-third of the total gross leasable area. After securing multiple competitive offers, we selected a very qualified buyer looking to perform a 721 UPREIT Exchange,” comments Peacock. “It was a perfect match for our client, as he was able to defer capital gains tax while investing into a portfolio of nearly 50 similar strip centers, which now includes his own development, Briarwood Shoppes. The deal closed nearly three weeks early, satisfying all sides.”

Briarwood Shoppes is located at 4700 Briarwood Ave in Midland, Texas.

About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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Marcus & Millichap Inc. published this content on 05 Jul 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 18:03:01 UTC

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