Marcus & Millichap Arranges Sale of 20,562SF Retail Center in Katy, TX
KATY, TX, April 21, 2014– 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 Cinco Ranch Plaza I, a 20,562-square-foot retail property located in Katy, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset had a list price of $5,843,129 and attracted multiple offers from domestic and international investors.
Derek Hargrove and Justin Miller, Senior Associates in Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, Woodlands based developer The Marcel Group. The buyer, an international private capital investor, was also secured by Hargrove and Miller.
Cinco Ranch Plaza I is located at 24124 Cinco Ranch Boulevard in Katy, TX and is situated on 2.2 acres in the heart of the Cinco Ranch master planned community. It benefits from crossover consumer traffic flow from adjacent high end commercial developments including Arcadia, Veranda and La Centerra. Located across from the central entrance to the Cinco Ranch Junior High and High School campuses, the property is host to a high end mix of medical, retail and professional tenants including Alamo Title and Dentistry by RSE. The international buyer utilized the acquisition as a legacy anchor to future holdings in the Houston MSA.
The seller, The Marcel Group, has plans for $500 million plus of new development over the next 24 months as they continue to expand their presence throughout the Southwest Region.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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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