FORT WORTH, TEXAS, September 8, 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 Lumin+ER, a 5,000-square foot net-leased property located in Fort Worth, Texas, according to Kyle Palmer, regional manager of the firm’s Fort Worth office.
Philip Levy, Senior Director and Chris Gainey, Senior Associate 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 and Mr. Gainey.
Lumin+ER is located at 4520 Camp Bowie Boulevard in Fort Worth, Texas. The subject property is a 5,000-square foot single-tenant, with a new 15-year, absolute net lease. The lease has a corporate guarantee with a $146.6 million company, and also has a limited personal guaranty. Ten percent rent escalations are scheduled every five years, including two five-year renewal options. The building was originally constructed in 1982 and is currently undergoing substantial renovations by the tenant.
Neighboring retailers include Walgreens, BB&T bank, Domino’s, Pizza Hut, 7-Eleven, Sherwin-Williams and Edward Jones.
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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