MARCUS & MILLICHAP ARRANGES THE SALE OF A 48,229-SQUARE-FOOT RETAIL PROPERTY
LA PORTE, Texas – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Fairporte Green Shopping Center, according to David H. Luther, first vice president/regional manager of the firm’s Houston office. The asset listed for $8.25 million.
Jerry Goldstein, a Marcus & Millichap senior vice president investments in the firm’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private partnership in Washington D.C. and Maryland. The buyer, who is based in Southern California, purchased the property and assumed the existing CMBS loan in order to complete a 1031 exchange.
The asset is ideally located on the southwest corner of Fairmont Parkway and future Grand Parkway (Highway 146) at 1309 Fairmont Parkway in La Porte. The property is 80 percent occupied and includes national tenants such as U.S. HealthWorks, Fresenius and Burger King. Fairporte Green Shopping Center presents the owner with a value add opportunity in the high growth market, east of Houston, near the Ship Channel where petrochemicals, refining and specialty chemicals are economic drivers.
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About Marcus & Millichap (NYSE: MMI)
With over 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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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