The Reese

Marcus & Millichap has been exclusively retained to market and sell 202 South 1st Street, also known as The Reese, a five-story, 67,000-square-foot, mixed-used office building located in downtown Harlingen, Texas. The Reese is 100 percent occupied with three tenants, including a fine dining restaurant, a dental office, and a well-funded non-profit immigration law practice, at below-market rents.

In addition to the capital investment spent by the owner in renovating the property, there are millions invested in tenant improvements by both the owner and tenants providing for Class A finishes in the respective suites, which provides for a high retention probability given the cost that would be required to relocate. Through this acquisition, a new buyer secures stable cash flow, capital risk mitigation, and upside through annual rate increases and asset appreciation.