Skip to main content

Press Releases

Marcus & Millichap Arranges The Sale Of A Multi-Tenant Retail Portfolio

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 Parkwood Plaza, a fully-stabilized retail portfolio located in Fort Worth, Texas.

“Joe Santelli and The Santelli Group represented me on the sale of Parkwood Plaza in Fort Worth, TX” states the seller. “Joe and his team have represented me on several transactions in the past and I have always appreciated his knowledge, creativity, and dedication to producing results. This time was no different. Within the first few weeks of marketing the portfolio, his team leveraged their marketing platform to produce several qualified offers, from local and out-of-state Buyers. Joe understood that the size of the of the portfolio and the intricacies of this particular transaction process would require the right buyer for the deal. Joe and his team were crucial in the navigation of the transaction process and were able to exceed my expectations with the results they produced, in a timely manner, allowing us to close before the end of the year. From the underwriting and valuation process, to marketing, to managing the escrow process, I trust Joe and his team to deliver results. I highly encourage anyone looking to sell or buy retail assets to work with Joe and The Santelli Group.”

Joe Santelli, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an out-of-state private investment group, was also secured by Mr. Santelli. “We were excited to see the high level of offer activity on this listing. The strong performance of this retail portfolio throughout the pandemic, coupled with the growth trajectory of the immediate submarket, made for a highly attractive investment opportunity. One that drew interest from private and institutional capital across the country. In fact, most of our qualified offers came from out-of-state capital, aggressively looking to invest in the Dallas-Fort Worth markets”.

Parkwood Plaza is located along North Tarrant Pkwy in Fort Worth, Texas and features a mix of experiential retail tenants. The subject property is located in an emerging retail corridor and adjacent to major tenants, including Aldi and Academy Sports + Outdoor, which assist as key traffic drivers for the current tenant line-up of the property.

 

#     #     #

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.

MM Texture Background