DALLAS, July 9, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 12 assets in the West Second Street Associates (WSSA) National GSA Portfolio. The properties closed on May 31, 2019 for approximately 64.6 million. The assets are in Florida, Michigan, and Ohio.
“Our experience as General Services Agency (GSA) property investments specialists enabled us to overcome the challenges the portfolio presented, including a cross-collateralized CMBS loan that was defeased upon closing,” said Geoff Ficke, senior vice president investments in Marcus & Millichap’s Dallas office. “Working through unit level allocations and the complexity of various leases in the request for lease proposal stage made this a unique and multifaceted transaction.”
Geoff Ficke and Zack Ficke represented the seller, WSSA, a developer specializing in the built-to-suit and adaptive reuse of GSA-leased buildings nationally. The Fickes also procured the purchaser, a family office that acquired the portfolio for long-term cash flow and to add to their credit-tenant real estate holdings. Federal agencies in the portfolio include assets leased to the Federal Bureau of Investigations, the Social Security Administration (SSA), the SSA’s Office of Hearings and Appeals, Immigrations and Customs Enforcement, Customs and Border Protection, and U.S. Bankruptcy Court. Two more assets in the portfolio are scheduled to close in the coming months and will bring the total property total to 14, the square footage to 209,588 square feet, and the sales price to approximately $70 million.
“The principals of WSSA are supporters of St. Jude Children’s Research hospital and through this closing, WSSA, Braun Kendrick Attorneys at Law and Geoff and Zack Ficke made a donation of $50,000 to St. Jude Children’s Research Hospital,” said Troy Farah of WSSA. Marcus & Millichap’s brokers of record in Florida, Michigan, and Ohio are, respectively, Ryan Nee, Steve Chaben and Michael Glass.
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With more than 2,000 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 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap 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.