Press Releases
Marcus & Millichap Brokers $3.29M Sale of Net Leased Bank in Celina, Texas
August 03, 2026
CELINA, TEXAS, July 29, 2026 – 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 3605 S Preston Rd., a 3,156 square-foot net leased PNC bank in Celina, Texas. The asset sold for $3.29 million, a 4.85 percent cap rate or more than $1,045 per square foot.
“Most net-leased properties trading at a 4.85 percent cap rate attract all-cash 1031 exchange buyers seeking stable, predictable returns,” said Jason Fefer, senior director investments. “What made this transaction unique was that the buyer financed the acquisition despite borrowing costs exceeding the cap rate, prioritizing the long-term security of an investment-grade tenant in one of the nation's fastest-growing cities. With the property shadow-anchored by Costco and positioned to benefit from Celina's rapid population growth, the buyer saw long-term value over immediate cash flow.”
Jason Fefer and Tyler Bindi, NNN investment specialists in Marcus & Millichap's Los Angeles office, in association with Tim Speck, Marcus & Millichap’s Texas broker of record, procured the buyer, a local private investor. The seller was a Dallas Fort Worth-based real estate developer.
Built in 2026, the 3,156-square-foot PNC Bank branch sits on a 0.90-acre parcel at 3605 S. Preston Rd. The property is fully leased under a 20-year absolute net ground lease, providing the owner with no landlord responsibilities throughout the lease term. The buyer acquired the property as a long-term passive investment designed to generate stable income with minimal ongoing management.
“Most net-leased properties trading at a 4.85 percent cap rate attract all-cash 1031 exchange buyers seeking stable, predictable returns,” said Jason Fefer, senior director investments. “What made this transaction unique was that the buyer financed the acquisition despite borrowing costs exceeding the cap rate, prioritizing the long-term security of an investment-grade tenant in one of the nation's fastest-growing cities. With the property shadow-anchored by Costco and positioned to benefit from Celina's rapid population growth, the buyer saw long-term value over immediate cash flow.”
Jason Fefer and Tyler Bindi, NNN investment specialists in Marcus & Millichap's Los Angeles office, in association with Tim Speck, Marcus & Millichap’s Texas broker of record, procured the buyer, a local private investor. The seller was a Dallas Fort Worth-based real estate developer.
Built in 2026, the 3,156-square-foot PNC Bank branch sits on a 0.90-acre parcel at 3605 S. Preston Rd. The property is fully leased under a 20-year absolute net ground lease, providing the owner with no landlord responsibilities throughout the lease term. The buyer acquired the property as a long-term passive investment designed to generate stable income with minimal ongoing management.
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About Marcus & Millichap, Inc. (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, 2025, the company had 1,808 investment sales and financing professionals in over 80 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
