Marcus & Millichap Arranges Sale of Northwest Houston Shopping Center
HOUSTON, June 9, 2014 – 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 the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston. The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.
Garrette Matlock, senior vice president investments in the firm’s Denver office, and James Bell, vice president investments in Marcus & Millichap’s Houston office, represented the seller, AMG Guaranty Trust.
“We generated interest from investors nationwide and received offers from both coasts, Texas, and points in between,” says Matlock. “The new owner is a private investor based in California.”
“Shadow-anchored by one of the country’s most successful grocery store operators, the Cypresswood Kroger Center is well positioned to provide long-term stability for its small shops and pads and a steady stream of income for the new owner,” adds Bell.
The property is located at the signalized intersection of Texas State Highway 249, Tomball Parkway, and Cypresswood Drive at 19724 State Highway 249 in Houston. The center can be accessed from multiple access points on both arteries. A Lowe’s home improvement store is across from the property on Cypresswood Drive and a CVS /pharmacy and a Sonic restaurant are across from the center on Tomball Parkway.
At the time of the sale, the Cypresswood Kroger Center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House.
All of the leases are triple-net.
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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