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 Centralcrest Street Office Warehouse, a 23,209-square foot industrial property located in Houston, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Adam Abushagur, senior vice president investments and Cary Latham, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Abushagur and Latham.
“We overcame 1031-exchange challenges and escrow delays through consistent, clear communication from our relationship with the previous buyer and seller, while also securing significant non-refundable deposits,” said Latham.
“Selling the buildings vacant not only allowed the seller a quicker exit strategy but is a sign of investor confidence in the current and future market,” said Abushagur.
Centralcrest Street Office Warehouse is located at 5710 & 5730 Centralcrest Street in Houston, Texas. The subject property is situated on a combined 1.46 acres of land and was built in 2004 and 1981-1998 respectively.
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.