MARCUS & MILLICHAP ARRANGES THE SALE OF A 10,400-SQUARE-FOOT, NET-LEASED PROPERTY
FAYETTEVILLE, NORTH CAROLINA, March 14, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Fortiline Waterworks, a 10,400-square-foot, net-leased property located in Fayetteville, North Carolina, according to Craig R. Swanson, regional manager of the firm’s Austin office. A build-to-suit in 2007, Fortiline Waterworks is located at 324 East Mountain Drive in Fayetteville, North Carolina. The property sits on a 6.62-acre lot, located just off of U.S. Route 301 on East Mountain Drive.
Fortiline Waterworks was formed in 1997 to offer contractors and municipalities a better source for their underground utility supplies. Specifically, they distribute underground utility products for installation in both the public and private sectors. Their customers range from small municipalities to large multistate corporations. All of their locations are successful and have a positive impact on the geographic areas they serve.
Patrick Doherty, David Houston and Scott A. Ryan, investment specialists in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also secured by Mr. Doherty, Mr. Houston and Mr. Ryan. Raj Ravi acted as the broker-of-record in closing this transaction.
Patrick Doherty, David Houston, and Scott A. Ryan represent landlords nationwide in the sale of single-tenant, net-leased industrial properties. This focus has allowed the team to build a niche in single-tenant, net-leased assets resulting in over 30 successful transactions in 12 states since 2014.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com