MARCUS & MILLICHAP ARRANGES THE SALE OF A 31,499-SQUARE-FOOT RETAIL PROPERTY
SAN ANTONIO, TEXAS, September 14, 2016 – 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 Fredericksburg Square, a 31,499-square-foot retail property located at 3903-3955 Fredericksburg Road in San Antonio, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
John Kaschak and Michael Buckner, investment specialists in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured by Richard A. Mireles, investment specialist in Marcus & Millichap’s Austin office.
“Through our marketing efforts, we were able to secure 11 offers within the first two weeks of our marketing process,” says John Kaschak.
Built in 1975, Fredericksburg Square is two-building retail strip center on Fredericksburg Road in San Antonio, Texas. At time of sale, the property was approximately 91 percent occupied with a mix of short-term and long-term leases.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 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