JOSHUA (DFW), TEXAS, June 29, 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 Dollar Tree Strip, a 16,000-square foot retail property located in Joshua (DFW), Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Philip Levy, a Senior Director in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a developer, was also secured by Mr. Levy.
Dollar Tree Strip is a 16,000-square foot multi-tenant retail strip in Joshua, Texas. The building is a former Brookshire’s Grocery that is being renovated into a multi-tenant center. Dollar Tree has executed a new 10-year, triple-net lease for 56 percent of the gross leasable area. The lease includes two five-year options for renewal with rent bumps at the beginning of each option period. The remaining vacant space can be converted into one or two additional suites. Originally constructed in 1988, the building is situated on 1.4 acres with ample parking.
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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