Marcus & Millichap announced the sale a 14,150-square foot net lease property located in Harker Heights, Texas.
Senior Managing Directors Austin Weisenbeck, and Sean R. Sharko, and Associate Daniel Chumbley had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investment group, was secured and represented by Weisenbeck and Sharko. Tim Speck assisted in closing this transaction.
Situated at 875 W Central Texas Expressway in Harker Heights, Texas, this 14,150-square foot BioLife property stands prominently positioned conveniently off U.S. Highway 190, where a substantial flow of 53,619 vehicles per day passes. The property boasts a triple net lease with 14 years remaining and a Takeda Pharmaceuticals guarantee.
Marcus & Millichap announced the sale and financing of Courtyard by Marriott Dallas Grand Prairie, a four-story, 120-room hotel in Grand Prairie, Texas.
“Growing occupancy and average daily room rates throughout the Metroplex are drawing the attention of hospitality investors,” said Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “The area’s strong economic growth, underscored by the large quantity of corporate move-ins during the pandemic, indicate a coming increase in business travel that bodes well for the hospitality industry overall.”
Gomes and Allan Miller in Marcus & Millichap’s Austin office represented the seller, Anderson Companies and procured the buyer, MCR Hotels. Pete Fehlman, managing director with Marcus & Millichap Capital Corporation in Dallas arranged acquisition financing.
The hotel is located between Dallas and Fort Worth along President George Bush Turnpike, near the intersection of Interstate 20 and Highway 161, 15 miles from DFW International Airport. Businesses nearby include Dallas Naval Air Station, Lockheed Martin Corp., Poly-America, Bell Textron Inc., Lear Grand Prairie, Forterra Pipe & Precast, and Flex-N-Gate Texas. Year-round entertainment, shopping and leisure are provided by Lone Star Park, Six Flags Over Texas, the Grand Prairie Premium Mall, and Ripley’s Believe It or Not. Constructed in 2021, the hotel’s guest amenities include an on-site restaurant, outdoor swimming pool, over 2,000 square feet of meeting space, a fitness center, and laundry facility.