HOBBS, NEW MEXICO, April 27, 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 Bel Aire Shopping Center, a 77,971-square foot retail property located in Hobbs, New Mexico, according to H. Kyle Palmer, Sales Manager of the firm’s Fort Worth office.

Philip Levy, Senior Director and Cody Payne an Associate, in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller.

Bel Aire Shopping Center is a 77,971-square foot multi-tenant retail center located at 931 East Bender Boulevard in Hobbs, New Mexico. The center is 91 percent occupied, anchored by Big Lots and Family Dollar. Other tenants consist of Thrifty Nickel/Dash for Cash, American Cash Loans, Elite Nails, E-Clips, Watermill Express, Edward Jones, Rent A Center, Zia Chiropractic, Gold Creek Homes, Paul Waddell, Verizon and Tokyo Japanese Steak House. The building was constructed in 1959 and sits on 8.68 acres. The property is approximately one mile east of a dense retail surrounding Lovington Highway/Turner Street, featuring Kmart, Albertsons grocery store, Big 5 Sporting Goods, Hastings Entertainment, Hobby Lobby and numerous other national credit tenants.

#     #     #

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