Marcus & Millichap Inc.
01/09/2025 | Press release | Archived content
Marcus & Millichap Brokers Sale of Industrial Asset in South Texas Metro
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Marcus & Millichap Brokers Sale of Industrial Asset in South Texas Metro
January 09, 2025
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HARLINGEN, Texas, Jan. 9, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Bulk-Pack Incorporated, a 105,000-square-foot industrial property in Harlingen, Texas.
"By helping our client navigate the process of obtaining a certificate of occupancy, the TAG industrial team successfully executed a 10-year triple-net sale-leaseback with attractive 3 percent rent escalations," said Ernesto Melgar Campos, associate. "With 15 offers received, bidding was competitive, but we are happy to procure a repeat buyer seeking to benefit from the nearshoring movement along the Texas-Mexico border."
Adam Abushagur, Ernesto Melgar Campos, Tyler Ranft, and Davis Cagle of the TAG Industrial Team of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer, a private investor.
Located at 25645 Farm to Market 106, the tilt-wall facility sits on 9.15 acres and includes 10 dock-high doors, one grade-level door, and concrete-paved yard space. Bulk-Pack Incorporated, a leading packaging supplier, will lease back the property under a 10-year absolute triple-net lease. Situated in Cameron County near the Rio Grande LNG project and Port of Brownsville, the property is near a vital logistics hub serving the Texas-Mexico border and Gulf Coast markets.
"By helping our client navigate the process of obtaining a certificate of occupancy, the TAG industrial team successfully executed a 10-year triple-net sale-leaseback with attractive 3 percent rent escalations," said Ernesto Melgar Campos, associate. "With 15 offers received, bidding was competitive, but we are happy to procure a repeat buyer seeking to benefit from the nearshoring movement along the Texas-Mexico border."
Adam Abushagur, Ernesto Melgar Campos, Tyler Ranft, and Davis Cagle of the TAG Industrial Team of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer, a private investor.
Located at 25645 Farm to Market 106, the tilt-wall facility sits on 9.15 acres and includes 10 dock-high doors, one grade-level door, and concrete-paved yard space. Bulk-Pack Incorporated, a leading packaging supplier, will lease back the property under a 10-year absolute triple-net lease. Situated in Cameron County near the Rio Grande LNG project and Port of Brownsville, the property is near a vital logistics hub serving the Texas-Mexico border and Gulf Coast markets.
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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.