Marcus & Millichap Arranges the Sale of a 26,318 Square Foot Retail Property
TEXAS CITY (HOUSTON), TEXAS, Nov. 13, 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 Three Palms Center, a 26,318 square foot retail property in Texas City (Houston), according to David H. Luther, vice president and regional manager of Marcus & Millichap’s Houston office. The asset had a list price of $4,570,000.
Derek Hargrove, a senior associate, and Justin Miller, a vice president investments, both in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a Houston based developer. The buyer, a private international investor, was also secured by Miller and Hargrove.
Three Palms is located at 8030 FM 1765 in Texas City, at the signalized hard corner of FM 1765 and South Amburn Road. The three building development was completed in 2013, Three Palms featured an appealing tenant mix including A Brighter Day Childcare, Chicken Plus, KLM Food Mart, K&G 5 Star Barber College and Cricket Wireless, while being shadowed and sharing access with Dollar General.
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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