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 a Chase Bank in Garland, Texas according to Tim A. Speck, division manager in the firm’s Dallas office.
Ryan Wolf, First Vice President Investments, and Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller. David O’Keefe, First Vice President Investments, in Marcus & Millichap’s El Segundo office, represented the buyer for the purchase of the property.
“Before going to market, Chase Bank exercised a five-year renewal,” said Wolf. “Our client primarily focuses on multi-tenant retail, with this property only being a place marker for a previous exchange, and saw that as an opportunity to reposition. We generated multiple, simultaneous offers and did a great job of bidding them against one another and getting this one closed.”
The property is strategically located within a thriving retail corridor, adjacent to both a Walmart Supercenter and a Kroger-anchored shopping center. Notably, it also sits alongside the planned $63 million Lofts iThirty Apartments development, which will span approximately 14 acres of land and feature 340 residential units across five buildings and retail-ready ground floor units.
According to Wolf, the closing speaks to the power of Marcus & Millichap’s platform: “David O’Keefe had a first-time net lease buyer coming out of a multi-family deal. They provided hard money on the first day of the contract, and true to their word, they fulfilled all obligations, resulting in a timely and successful closing.”
Chase Bank is located at 561 W IH 30, Garland, TX 75043.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
