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 Tru Fit Athletic Clubs, a 33,000-square foot net-leased property located in McAllen, Texas, according to Kyle Palmer, Regional Manager of the firm’s Fort Worth office.
Philip Levy, Senior Managing Director Investments and Blake Davis, Associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. In less than one month of marketing the property, the buyer, a REIT, was secured by Mr. Levy. The REIT purchased the property in an all-cash transaction and closed within two weeks after placing the property under-contract.
Tru Fit Athletic Clubs is located at 4037 West Expressway 83 in McAllen, Texas. The subject property is located in a dense retail trade area off of Interstate 2 (US Expressway 83) near South Ware Road. Tru Fit is in line with a multi-tenant shopping center with local tenants. Numerous national and regional tenants are in the area, including Starbucks, Academy Sports & Outdoors, Tilted Kilt Pub, Cracker Barrel, Homewood Suites, SpringHill Suites, Best Buy, McAlister’s Deli, Buffalo Wild Wings, Babies ‘R Us, DSW, Chuck E Cheese’s, Cavender’s Boot City, Cheddar’s Scratch Kitchen, Saltgrass Steak House, Gold’s Gym, Cinemark Tinseltown, Kohl’s, Walmart Supercenter, Target, Office Depot, TJ Maxx, Five Below, H-E-B and many others. Densely populated, the surrounding area has over 185,000 residents within a five-mile radius of the property.
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 over 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