The Knipp Wolf Net Lease Group of Marcus & Millichap Announces the Sale of a New 16-Year, Triple-Net Lease The Learning Experience in Farmers Branch, 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 16-year, triple-net lease The Learning Experience in Farmers Branch, Texas according to Tim A. Speck, division manager in the firm’s Dallas office.

Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private developer.

The deal had been under contract for nearly a year, but construction and rent commencement delays resulted in the Buyer terminating due to timing constraints of their 1031-exchange. Knipp put the property back on market and quickly received three competitive offers, and closed with an experienced group.

According to Knipp, “After looking at the comps, we found that the average on market price for The Learning Experience was $5.5 million. I honestly thought this was a really great buy—upgraded construction and nearly $1,000,000 less than similar properties.”

The Learning Experience is located at 12900 Josey Lane in Farmers Branch, Texas.