Marcus & Millichap Arranges Sale of 84,465SF Shopping Center in Houston
HOUSTON, TX, May 12, 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 Greenbriar North Center, an 84,465-square-foot grocery-anchored shopping center in Houston, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset had a list price of $7,460,000.
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. Hargrove and Miller generated multiple offers before selling the asset to a low leverage 1031 buyer, a private partnership out of San Antonio.
Greenbriar North Center is located at 17503 Imperial Valley Drive in Houston, TX, at the signalized hard corner of Imperial Valley Drive and Greens Road. Originally developed in 1981, Greenbriar North Center features an appealing tenant mix including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Tenants at the shopping center thrive off the dense underserved urban population surrounding the property, while providing a staple of goods and services to the consumers.
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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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