WESLACO, TX, September 4, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Jason's Deli, a 4,600-square foot net-leased property located in Weslaco, TX, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,500,000.
James Garner, James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Ryan Wolf and Vincent Knipp, investment specialists in Marcus & Millichap’s Dallas office. Broker, Tim Speck, assisted in closing this transaction.
“This deal garnered significant interest. We had multiple offers within a week of marketing the property and it ultimately traded above list price with very aggressive due diligence and closing timeframes. This was a true testament to our National Platform that allows us to leverage the competition of multiple offers to secure the best price for our clients within the shortest amount of time and most importantly in the most probable way,” said James Garner of Marcus & Millichap’s Tampa Office.
Jason's Deli is located at 1408 West Expressway 83 in Weslaco, TX. The subject property is a new construction outparcel to a 146,000-square-foot Home Depot and Office Depot anchored shopping center located on West Expressway 83, which exposes the property to over 107,000 vehicles every day. The median age and average household income within a three-mile radius of the subject property is approximately 32 years and $51,000, respectively, which are ideal trade area demographics for Jason's Deli. There are several institutional retailers and restaurants located within one-mile from Jason's Deli, including Walmart, Big Lots, Dollar General, Ross, Beall’s, McDonald's, Starbucks, Taco Bell, Wendy's, Pizza Hut, Domino's, Chick-Fil-A, IHOP, Popeyes, and Buffalo Wild Wings. The subject property is also approximately one- and one-half miles away from South Texas College's Mid Valley Campus. South Texas College is the largest higher education institution south of San Antonio with over 32,000 students enrolled.
Weslaco is a border city in Hidalgo County, Texas located about two hours away from Corpus Christi. Like other border towns, Weslaco has a high growth rate and low cost of living. The population in Weslaco has grown over 14 percent since 2010.