ARLINGTON, TEXAS, May 17, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Center Street East, a 14,114-square foot retail property located next to Gander Mtn. in Arlington, Texas, according to H. Kyle Palmer, Sales Manager of the firm’s Fort Worth office.
Philip Levy, Senior Director, in Marcus & Millichap’s Fort Worth office and Blake Burnett, Senior Associate, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, Robert Dorazil, of United Commercial Development (UCD) and General Partner, David Dunning. The buyer of the property – a local Dallas investor with international partners – was also secured and represented by Philip Levy and Blake Burnett.
Center Street East Shopping Center is a 14,114-square foot multi-tenant retail center located at 457 East Interstate 20 in Arlington, Texas. The center is 100 percent occupied, and anchored by Gander Mtn. – a nationwide outdoor specialty store specializing in hunting, fishing, and the outdoor lifestyle. Tenants consist of Andalous Mediterranean Grill, Eva Nails Spa, and Snuffer’s Restaurant & Bar – all of which have committed to long-term NNN leases.
The retail strip was development in 2015 by UCD in conjunction with Gander Mtn. The property is conveniently located on Interstate 20 with traffic counts in excess of 189,000 vehicles per day in the dense retail area of Arlington. It is in immediate proximity to Arlington Highlands which also includes many national retailers like The Container Store, Old Navy, Starbucks, Bed Bath & Beyond, and many others.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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