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| Fairmont Parkway Shopping Center, Houston, TX |
PASADENA,
TX, Oct. 29, 2012 – Marcus & Millichap Real Estate Investment Services, the
nation’s largest real estate investment services firm, has the exclusive
listing to market Fairmont Parkway, a regional shopping center located
20 miles from downtown Houston. The listing price of $23,257,000 equates to
$139 per square foot.
Alvin
Mansour, a senior vice president
investments, and Phil Sambazis, a vice president investments based in
Marcus & Millichap’s San Diego office, are representing the seller. Mansour
and Sambazis are also senior directors of the firm’s National Retail Group
(NRG).
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| Alvin Mansour |
“Fairmont
Parkway represents an excellent opportunity to invest in a highly visible,
heavily trafficked retail asset,” says Mansour.
“With over 80,000 residents
within a three-mile radius, and neighboring big box stores like Super Target,
Toys R Us and Kohl’s drawing shoppers to the area, not only is this 95 percent
leased community center a strong addition to any portfolio, its square footage
is currently priced below replacement cost.”
The
167,725-square foot property is situated on 23.27 acres in Pasadena, close to
San Jacinto College. It comprises 13 tenants, including 24-Hour Fitness, iT’Z
Family Fun Center, Goodwill and 3K Sports.
 |
| Phil Sambazis |
The
asset is positioned at the intersection of Sam Houston and Fairmont parkways,
crossed by more than 50,000 cars per day. It is easily accessible from Beltway
8, an 88-mile beltway around the city of Houston that benefits from more than
84,000 cars per day.
The property is across from two power centers: Fairway
Centre, anchored by Super Target, Toys R Us and Kohl’s, and Fairway Plaza,
anchored by Ross, Bed Bath & Beyond, Barnes & Noble, Marshall’s, Best
Buy, PetSmart, Office Max, Michaels and Party City.
Contact:
Stacey
Corso
Public
Relations Manager
(925)
953-1716
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