MARCUS & MILLICHAP ARRANGES THE SALE OF A 27,750-SQUARE FOOT RETAIL PROPERTY
HOUSTON, Texas, December 2017 – 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 Woods Retail Plaza, a 27,750-square foot multi-tenant retail property located at 4658 FM 1960 West across from the 285,727 square foot North Oaks Power Center in Houston, Texas, according to David H. Luther, First Vice President/District Manager of the firm’s Houston office. The asset had a listing price of $2,450,000.
Jerry Goldstein, Senior Managing Director Investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Built in 1975 the property is 87 percent occupied with 11 tenants and features a 6,000 square foot FedEx Office end cap store. The sale of Woods Plaza closed despite being under contract during Hurricane Harvey. Fortunately it did not flood and all tenants opened for business afterward. Prosperity Bank provided financing.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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