Marcus & Millichap Inc.
09/19/2024 | Press release | Distributed by Public on 09/20/2024 17:53
Marcus & Millichap Facilitates Sale of Staple 10-Acre Truck Stop in Santo Texas
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Marcus & Millichap Facilitates Sale of Staple 10-Acre Truck Stop in Santo Texas
September 19, 2024
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SANTO, Texas, Sept. 19, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Maverick Travel Center in Santo, Texas.
"This was a significant deal," said Ameer Adel, associate at Marcus & Millichap's Fort Worth office. "It was important to meet the needs of both the seller and the buyers, and I'm grateful for the strong relationships we built during the process. The property holds personal meaning for me, as I used to stop here as a kid. Working with my colleague, Jacob Luna, helped us overcome challenges and ensure a successful outcome."
Adel and Jacob Luna exclusively represented the seller, Burt Shield, in marketing the property. They secured buyers Mr. Koneiber and Mr. Rammal, prominent figures in the Dallas-Fort Worth market, finalizing an all-cash sale without an existing fuel contract, providing the buyers an opportunity to optimize future fuel operations. Under new ownership, the center is well positioned for continued growth in the evolving travel center market.
The buyers, Mr. Koneiber and Mr. Rammal, expressed satisfaction with the transaction, noting their confidence in the process and the strong working relationship with all parties involved. They also praised the seller, Burt Shield, as a respected professional, adding that his presence throughout the transaction was valued.
The Maverick Travel Center, located at the intersection of Interstate 20 and Highway 281, experiences heavy traffic and features two popular restaurants, Taco Casa and the Maverick Grill. It serves as a one-stop destination for food, fuel, and Texas souvenirs, attracting both travelers and famous bull riders.
"This was a significant deal," said Ameer Adel, associate at Marcus & Millichap's Fort Worth office. "It was important to meet the needs of both the seller and the buyers, and I'm grateful for the strong relationships we built during the process. The property holds personal meaning for me, as I used to stop here as a kid. Working with my colleague, Jacob Luna, helped us overcome challenges and ensure a successful outcome."
Adel and Jacob Luna exclusively represented the seller, Burt Shield, in marketing the property. They secured buyers Mr. Koneiber and Mr. Rammal, prominent figures in the Dallas-Fort Worth market, finalizing an all-cash sale without an existing fuel contract, providing the buyers an opportunity to optimize future fuel operations. Under new ownership, the center is well positioned for continued growth in the evolving travel center market.
The buyers, Mr. Koneiber and Mr. Rammal, expressed satisfaction with the transaction, noting their confidence in the process and the strong working relationship with all parties involved. They also praised the seller, Burt Shield, as a respected professional, adding that his presence throughout the transaction was valued.
The Maverick Travel Center, located at the intersection of Interstate 20 and Highway 281, experiences heavy traffic and features two popular restaurants, Taco Casa and the Maverick Grill. It serves as a one-stop destination for food, fuel, and Texas souvenirs, attracting both travelers and famous bull riders.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.