Marcus & Millichap Arranges the Sale of Three Retail Assets in River Oaks
HOUSTON, Texas, – July 22, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 1515-1707 West Gray, a collection of retail properties totaling approximately 16,000 square feet in Houston, Texas, according to David H. Luther, vice president and regional manager of Marcus & Millichap’s Houston office.
Derek Hargrove and Justin Miller, investment specialists in Marcus & Millichap’s Houston office, facilitated an assemblage of the properties to affiliates of Braun Enterprises.
The properties are located at 1515-1707 West Gray Street in Houston, Texas between the prominent neighborhoods of River Oaks and Montrose and just east of the historic River Oaks Shopping Center. In addition, Braun assembled a fifth tract adjacent to the aforementioned properties creating a development site totaling approximately 44,000 square feet of land. Braun Enterprises has plans to redevelop the site in the coming months which will make this their sixth Montrose Area redevelopment.
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Braun Enterprisesis a full-service real estate company that specializes in development, acquisition, redevelopment, build-to-suit, management and leasing services for commercial properties. Braun Enterprises was founded in 1979 as a small brokerage and investment company specializing in multi-tenant industrial projects. Currently, Braun Enterprises’ portfolio consists of over 2,000,000 square feet of office warehouse, retail, and office space that serve hundreds of national, regional and local tenants. Additionally, Braun Enterprises has procured multiple land tracts for industrial and retail development to take place in the future.
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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