Wednesday, October 15, 2014

Single-Tenant Net-Leased Urban High Retail Property Trades Hands in Houston, TX

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.

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.

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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