MARCUS & MILLICHAP ARRANGES THE SALE OF A 80,653-SQUARE FOOT OFFICE BUILDING
HOUSTON, Texas, February 2018 – 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 3033 Chimney Rock, a 80,653-square foot office property located in Houston, Texas, according to David H. Luther, First Vice President/District Manager of the firm’s Houston office.
Alex D. Zylberglait, in Marcus & Millichap’s Miami office, Keith Lloyd and Chris Jones, in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Keith Lloyd and Chris Jones.
“The asset had rents 20 to 30 percent below comparable class B properties near the Galleria and offered significant upside potential as the seller was out of area and had a residential company managing the property” says Keith Lloyd. “Through our marketing efforts, we generated nine offers that comprised of individuals, private partnerships and a REIT. Ultimately, the prevailing buyer consulted with another buyer prospect, pooling their combined strengths to put forth a repositioning plan for the asset” says Chris Jones.
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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