Press Release brought to you by Marcus & Millichap

MARCUS & MILLICHAP ARRANGES THE SALE OF A 17,070-SQUARE FOOT RETAIL PROPERTY

11/10/2016
CLEVELAND, 2016– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Cleveland Retail Center, a 17,070-square foot retail property located in Cleveland, Texas, according to David H. Luther, first vice president/district manager of the firm’s Houston office. The asset had a list price of $3,754,000.

Kelley Workman, an associate, in Marcus & Millichap’s The Woodlands office, and Jerry Goldstein, a senior vice president investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Built in 2007, the property is at the main entry to a 24 hour Super Walmart and is 100 percent occupied.  Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America.  It was purchased by a private investor to satisfy a 1031 exchange transaction.

Cleveland Retail Center is located at 429 West Southline Street just east of Highway 59 in Cleveland, Texas.

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About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

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Marcus & Millichap

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