Marcus & Millichap Arranges The Sale Of A 34,940-Square Foot Industrial Building
MARYLAND HEIGHTS, MO, October 18, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Electro Plastics, Inc., a 34,940-square-foot industrial property located in Maryland Heights, Missouri, according to Tim A. Speck, division manager of the firm’s Dallas office.
Adam Abushagur, senior managing director investments, Tyler Sharp, senior associate, and Jacob Crabtree, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The repeat buyer, a local equity group, was also procured by Abushagur, Sharp, and Crabtree.
“We assisted the buyer with the goal of expanding their industrial portfolio in a sought-after submarket with a strong tenant and premium building improvements,” continued Crabtree, “This property was particularly desirable due to its certified LEED improvements, which include: solar panels, STEP Warmfloor installation, and 4-inch tongue and groove structural panels insulated to R32.”
“Our team was able to overcome an issue regarding rental escalations by negotiating a compromise on the final sale price, and ultimately, the seller was able to unlock equity to reinvest in Electro Plastics, Inc.,” said Abushagur.
Electro Plastics, Inc. is located at 11147 Dorsett Road in Maryland Heights, Missouri. The subject property is situated on 2.41 acres of land and was built in 2009.
Electro Plastics, Inc. received the 1997 Most Innovative Product Award, presented by PBS for the STEP Warmfloor, an in-floor radiant heating system.
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About Marcus & Millichap (NYSE: MMI)
With over 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 8,954 transactions in 2020 with a value of approximately $43 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.