Marcus & Millichap Arranges Sale of Houston Inner Loop Shopping Center
HOUSTON, TX, April 17, 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 South Wayside Village, a 29,364-square-foot shopping center located in Houston, TX, according to David H. Luther, Vice President/Regional Manager of Marcus & Millichap’s Houston office. The asset had a list price of $8,680,000.
Justin Miller and Derek Hargrove, Senior Associates in Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, a Houston based developer. Hargrove and Miller also secured the buyer, an all cash local private partnership. The team generated multiple offers from both local and out of market investors.
South Wayside Village is located at 5819 Gulf Freeway in Houston, TX. The property sits on the hard corner of Wayside and Interstate 45 within Houston’s inner loop, while being shadowed across the street from the second Houston urban Walmart Supercenter, with a footprint of 185,000 square feet plus. Developed in 2006, Wayside Village features an appealing tenant mix including T-Mobile, PLS Check Cashers, Shipley Do-Nuts and South Texas Dental. Tenants benefit from the dense urban environment and traffic counts, along with the tremendous growth due to the expansion of the University of Houston.
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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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