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Marcus & Millichap Arranges The Sale Of A 11,328-Square Feet Of Land

January 18, 2022

FORT WORTH, TEXAS, January 18, 2022 – 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 601 University, a 0.76-AC redevelopment opportunity located in the heart of the Cultural District of Fort Worth, Texas.

Brett Budde and Joe Santelli, of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Mr. Budde and Mr. Santelli.

601 University is located at 601 University Dr and 3001-3009 W 5th St in Fort Worth, TX. The total offering was equal to 0.76-AC with two buildings on the site, at 8,450-SF and 7,650-SF each. “Within the first day of marketing the asset, we were already receiving full-list offers and eventually multiple qualified offers at-or-above list price. This is a true testament to the tremendous activity and growth potential we’re experiencing in the Fort Worth urban markets”. Said Budde. “With a versatile asset such as this, we were able to experience a robust buyer pool, with developers and investors of several different product types interested in this opportunity. The demand for well-located urban infill sites, such as 601 University, is at an all-time high as investors aim to service the strong population growth we’re experiencing in the major urban markets of Texas”. Said Santelli.


 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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