BAYTOWN, Texas, Dec 18, 2024 – 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 fully leased industrial outdoor storage and equipment rental yard property in Baytown, Texas. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the financing for the transaction.
“The Bauman Moffitt team was pleased to work with Nick Geaneotes on the successful disposition of this IOS facility in Baytown, Texas, on behalf of a REIT client,” said Peter Bauman, senior managing director investments. “Nick successfully matched the property with a 1031 exchange buyer, ensuring a smooth transaction with the help of MMCC’s Stephen Fillipo, who secured the financing. This disposition was a collaborative effort and a strong demonstration of the power of the Marcus & Millichap platform.”
Bauman and Tivon Moffitt, investment specialists in Marcus & Millichap’s Phoenix office, marketed the property on behalf of the seller, a publicly traded net lease REIT. Geaneotes and Derrick Dougherty from the firm’s Philadelphia office procured the buyer, private family investors based out of New York. Tim Speck is Marcus & Millichap’s broker of record in Texas. Fillipo, based in MMCC’s Manhattan office, secured financing on behalf of the buyer with a national credit union. Terms of the10-year loan include a 6.3% interest rate with 30-years amortization and a 70% loan-to-value.
“This property boasts strong real estate fundamentals, featuring over 20,000 square feet of building space on six acres in a prime industrial corridor with a high-quality tenant, EquipmentShare,” said Geaneotes, senior associate. “The purchaser acquired a well-positioned asset in the dense infill Houston metropolitan statistical area, benefiting from excellent highway access.”
Located at 12825 Upland Way, the 20,042-square-foot property sits just off Highway 99, with convenient access to Interstate 10, approximately 30 miles east of downtown Houston. Built in 2021, the property is under a long-term lease with approximately 12 years remaining. The tenant, EquipmentShare, is a nationwide construction solutions provider focused on solving industry challenges through smart jobsite technology, equipment rental, retail and service centers.
“The property presented investors with a compelling opportunity to acquire an industrial asset with more than 12 years remaining on the lease, featuring annual rental escalations and renewal options,” said Dougherty, senior vice president investments.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national 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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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