The Knipp Wolf Net Lease Group of Marcus & Millichap Closes the Sale of a New 20-Year Murphy USA Ground Lease in Mansfield, Texas

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a new 20-year Murphy USA ground lease in Mansfield, Texas according to Tim A. Speck, division manager in the firm’s Dallas office.

Vincent Knipp, Senior Managing Director Investments and Jake Stammen, Associate, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private developer. The buyer was also procured by Knipp and Stammen.

“We had multiple solid offers we were working behind the scenes to avoid any false starts,” said Knipp. “Our team worked diligently to qualify the offers and ensure that the buyer we selected was committed to the transaction.”

The property, which is situated on Highway 287, one of the major routes in Mansfield, Texas, features Murphy USA’s new “enhanced” prototype store.

According to Knipp, “We closed at a strong cap rate in today’s market for deals over $3,000,000. This was not unexpected as it was a prime location with a 20-year corporate lease from Murphy USA.”

Murphy USA is located at 1901 FM 157 in Mansfield, Texas.