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| Jerry Goldstein |
HOUSTON, Oct. 14, 2014 – 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 the
15,273-square-foot Urban Outfitters store in the Rice Village shopping
center in Houston. The terms of the sale were not released.
Jerry
Goldstein, first vice president investments in Marcus & Millichap’s
Houston office, represented the seller, a local partnership that had owned the
property for nearly 60 years, and the buyer, Rice University.
“The
property is a trophy retail asset with a national tenant in one of Houston’s
most coveted retail corridors,” says Goldstein.
“Rice Village’s
irreplaceable urban infill location and the high barriers to entry in the
surrounding area make it the most secure submarket in the region for retail
real estate investments.
“The Urban Outfitters’ lease is absolute triple net,
corporate guaranteed and they have been a tenant here since 1995,” adds
Goldstein.
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| Rice Village Shopping Center, 2501 University Boulevard Houston, TX |
“The listing of this high-profile building attracted a
substantial amount of interest from both institutional investors and
sophisticated private clients,” Goldstein continues. “Competitive bidding
evolved and Rice University produced the highest offer.”
The
building is located at 2501 University Blvd. in Houston, adjacent to West
University Place and Rice University.
Urban Outfitters’ neighbors include national retailers Kate
Spade Saturday, J. Hampton, Elaine Turner and Jos. A. Bank. Directly across
University Boulevard from the Urban Outfitters store is the 164,211-square-foot
multi-level Village Arcade shopping center.
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| Rice University, Houston, TX |
Home to
more than 300 shops in a 16-block area, Rice Village is one of Houston’s
foremost shopping destinations. The exterior of the Urban Outfitters building
is clad with red brick masonry and features glass storefronts, plantation
shutters and awnings. The light-filled interior has hardwood flooring, high
ceilings and a mezzanine space.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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