Marcus & Millichap Inc.
11/12/2024 | Press release | Distributed by Public on 11/13/2024 16:54
Marcus & Millichap Brokers Sale and Arranges Financing of 90,327 Square Foot Shopping Center in Houston
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Marcus & Millichap Brokers Sale and Arranges Financing of 90,327-Square-Foot Shopping Center in Houston
November 12, 2024
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HOUSTON, Nov. 12, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Providence Plaza, a 90,327-square-foot shopping center located at 9402-9478 Highway 6 South in Houston, Texas.
"Given Providence Plaza's strong lineup of diverse tenants, its excellent location with traffic counts of 75,000 vehicles per day, and its sustainable rental rates, we created a competitive environment with multiple buyers competing to win the deal by leveraging our exclusive marketing process," said Alex Wolansky, first vice president. "The marketplace clearly demonstrated the desirability of owning a shopping center in one of Houston's most densely populated submarkets, with high foot traffic led by its anchors, Spec's and Dollar Tree."
Wolansky and Gus Lagos, investment specialists in Marcus & Millichap's Houston office exclusively marketed the property on behalf of the seller, Whitestone REIT and procured the buyer, a local investor. Jamie Safier, of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the third-party financing for the buyer.
Built in 1984 and renovated in 2018, Providence Plaza spans 7.7 acres at the highly visible southwest corner of Highway 6 and Bissonnet Street. The property is 97% occupied, with tenants including Dollar Tree, Spec's, restaurants, medical practices, and specialty grocery stores.
"Given Providence Plaza's strong lineup of diverse tenants, its excellent location with traffic counts of 75,000 vehicles per day, and its sustainable rental rates, we created a competitive environment with multiple buyers competing to win the deal by leveraging our exclusive marketing process," said Alex Wolansky, first vice president. "The marketplace clearly demonstrated the desirability of owning a shopping center in one of Houston's most densely populated submarkets, with high foot traffic led by its anchors, Spec's and Dollar Tree."
Wolansky and Gus Lagos, investment specialists in Marcus & Millichap's Houston office exclusively marketed the property on behalf of the seller, Whitestone REIT and procured the buyer, a local investor. Jamie Safier, of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged the third-party financing for the buyer.
Built in 1984 and renovated in 2018, Providence Plaza spans 7.7 acres at the highly visible southwest corner of Highway 6 and Bissonnet Street. The property is 97% occupied, with tenants including Dollar Tree, Spec's, restaurants, medical practices, and specialty grocery stores.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.