Portfolio Featured 8-Figure Sale Price and Approximately 93,000 SF

Midland, TX —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, represented the seller in the disposition of a seven-property portfolio, featuring approximately 93,000 square feet of industrial space. The assets were located throughout Midland and Odessa, TX. Associate Michael Kelleher and Associate Vice President Jeff Miller managed the transaction.

 

The seller originally purchased the industrial properties through a 1031 exchange and was interested in exiting the industrial sector to reinvest in the multifamily market. The portfolio features 100% occupancy with seven tenants, including Rexel, Interstate Batteries, and North Basin Coating. Agents negotiated lease terms when needed to secure the portfolio’s pricing.

 

“There were a few leases coming due in 2024 and this year, that put added pressure to the transaction,” Kelleher said. “We were able to navigate through some renegotiations of leases and other difficult conversations to preserve pricing for the seller.”

 

Matthews™ sourced the buyer, who plans to continue current operations and work on stabilizing any leases coming due in the short-term.

 

“We were able to diligently work through the process working with a motivated seller and a buyer that wanted to own the real estate,” Miller said. “Our wide cast marketing efforts ensured we were able to run a competitive process leading to a closing.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.