320,352-SF Power Center Changes Hands in South Texas

Independence Plaza, 1911 Bob Bullock Loop, Laredo, TX

 

LAREDO, TX, July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Independence Plaza, a 320,352-square-foot grocery-anchored power center in Laredo. The terms of the sale were not released.

James H. Bell

            James Bell, a vice president investments in Marcus & Millichap’s Houston office, represented the seller, a Texas-based limited partnership. The buyer is a publicly traded REIT.

“We sourced and vetted a diverse buyer pool for this asset that included institutional, foreign and private investors,” says Bell. “Our client selected the buyer on the merits of their shopping center industry success and expertise.”

 “Independence Plaza is the dominant shopping center in Laredo, drawing numerous shoppers from Mexico,” adds Bell. “The center also has a vacant pad that can be developed for additional junior anchors.”

Built by the seller in phases between 2007 and 2013 on 39.6 acres, the property is located at 1911 Bob Bullock Loop just off Interstate 35 in Laredo, Texas.  

The grocery anchor is a 147,324-square-foot H-E-B Plus. Other major tenants include T.J. Maxx, Hobby Lobby, Ross, Ulta, Petco, Wells Fargo and Chili’s.

       

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716