HURST, TEXAS, June 13, 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 Village Square Shopping Center, a 76,949-square foot retail property located in Hurst, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Chris Gainey, Senior Associate and 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 private investor. The buyer, a limited liability company, was also secured by Mr. Levy and Mr. Gainey.
Village Square Shopping Center is located at 716 E Pipeline Rd in Hurst, Texas. Village Square is a 76,949-square foot multi-tenant retail center. The value add opportunity is currently 58 percent occupied, providing tremendous upside potential. Tenants consist of Family Dollar, Coin Laundry, Mission Central, Joshua for Christ Church, Yoon Beauty Supply, H & R Block, Epik Cards & Games, Sudanese American Assoc. and a pad site leased to Wachovia Bank, N.A. All existing leases excluding Family Dollar are triple-net leases. The building was constructed in 1980 and sits on 7.35 acres.
The center is adjacent to Kroger grocery store, which is currently undergoing store renovations. Other neighboring national and regional retailers in the area include Domino’s Pizza, Dollar General, Ace Cash Express, Schlotzsky’s, Liberty Tax Service, Jefferson Dental Clinic, Subway, Pizza Patron, Wingstop and Wells Fargo.
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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