MARCUS & MILLICHAP ARRANGES THE SALE OF A 18,582-SQUARE-FOOT RETAIL PROPERTY
SPRING, TEXAS, March 24, 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 Spring Crossing Retail Center, according to David H. Luther, first vice president/regional manager of the firm’s The Woodlands office. The asset listed for $4.1 million.
Nate Newman, an associate in Marcus & Millichap's The Woodlands office, had the exclusive listing to market the property on behalf of the seller, a local developer. Allen Smith, a vice president investments in the firm's Charlotte Uptown office, procured the buyer, a TIC partnership.
The transaction highlights Marcus & Millichap’s collaborative culture given that the California-based buyer worked with an agent in North Carolina to purchase a property in Texas. Additionally, debt was sourced from Marcus & Millichap Capital Corporation’s Washington D.C. office.
Spring Crossing Retail Center is located at 3730 FM 2920 in Spring, Texas.
Tim Speck is the firm’s broker of record in 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