Marcus & Millichap Sells Development Site in Magnolia, TX
MAGNOLIA, Texas - 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 a five acre development site at FM 1488 and Carriage Hills located in Magnolia Texas, according to David H. Luther, Vice President/Regional Manager of the Houston office. The sale price was undisclosed.
Derek Hargrove, Senior Associate in Marcus & Millichap’s Houston office, handled the acquisition on behalf of the purchaser The Marcel Group.
The Marcel Group will begin construction of a new mixed use development breaking ground in the second quarter of 2015. Based in The Woodlands, Texas, The Marcel Group having developed and sold over a million square feet of retail and office projects; is an integrated commercial real estate firm specializing in development, construction, design, engineering, master planning, leasing, and property management.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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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