FRISCO, TEXAS, September 6, 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 Shops of Eldorado I & II, a 36,485-square foot retail property located in Frisco, Texas, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.
Philip Levy, 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 private investor, was also secured by Mr. Levy.
Shops of Eldorado I & II are located at 12398 & 12399 FM 423 in Frisco, Texas. The subject property is a multi-tenant neighborhood retail shopping center. The center is currently 85 percent occupied. All current leases are triple-net, and 55 percent of the occupied space has personal guaranties. The center is a mix of retail and medical office, with major tenants including PetSense, Dr. Castano-Rendon (orthodontics), Bella Nails, Dr. Davis (pediatric dentistry), Dr. Reddy (children’s clinic) and Love Sushi. The buildings were constructed in 2007 and are situated on 3.73 acres.
Shadow anchored by Walmart Supercenter, other pad sites neighboring the property include BB&T, Panda Express, GameStop, Wendy’s, and Wells Fargo. Other national and regional tenants in the vicinity include Lowe’s Home Improvement, Chase Bank, Firestone, AutoZone, Hobby Lobby, Hibbett Sports, Dollar Tree, Monarch Dental, Baskin Robbins, Great Clips, 24 Hour Fitness, T-Mobile, McDonald’s, Applebee’s.
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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