Marcus & Millichap Arranges Sale of 15,318-Square-Foot Retail Property
MAGNOLIA, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tuscan Village Plaza, a 15,318-square-foot retail property located in Magnolia, TX, according to David H. Luther, regional manager of the firm’s Houston office. The asset’s list price was $3,435,000.
Derek Hargrove and Nate Newman, investment specialists in Marcus & Millichap’s Houston and The Woodlands office, teamed up for the exclusive listing to market the property on behalf of the seller, a group of prominent local developers. The team generated multiple offers then sold the property to an all cash buyer in just eight days.
Tuscan Village Plaza is located at 7214 FM 1488 in Magnolia, TX, just outside the heart of The Woodlands, TX. The property was recently constructed and 100 percent leased to a mix of local retail and service oriented tenants with a cap rate just north of eight percent.
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With more than 1,100 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
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