“This sale of a Hobby Lobby with less than 10 years remaining to an institutional buyer signifies that although retail is shifting, big box is not dead,” says Marcus & Millichap's Sabrina Kortlandt.
“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” says John Abuja, IPA senior director.
Murdoch Capital LLC and Parkway Partners, two Houston-based privately held real estate investment companies, formed a joint venture for the acquisition and redevelopment of the former Toys R Us.
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