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| Alex Zylberglait |
HOUSTON, TX – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of 8866 and 8876 Gulf Freeway,
two five-story multi-tenant office buildings totaling 178,410 square feet in
Houston. The terms of the sale were not released.
Ron
Hebert, vice president investments in Marcus & Millichap’s Dallas office,
represented the buyer, a California-based investor in a 1031 exchange.
Alex Zylberglait, first vice president investments in
the firm’s Miami office and Christopher Jones, an associate in the
firm’s Houston office, represented the seller, Accesso Partners LLC of
Hallandale, Beach, Fla., formerly Beacon Investment Properties LLC.
“Our nationwide marketing platform generated multiple
qualified offers for this asset,” says Jones.
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| Christopher W. Jones |
“The investor that emerged with the winning bid is in an
excellent position capitalize on the strong leasing velocity in Houston’s Gulf
Freeway/Pasadena submarket,” adds Hebert.
“The
buyer and its brokerage representatives were both proactive and responsive in
this transaction, which resulted in a timely, smooth acquisition,” notes Ariel
Bentata, co-founder and managing partner, investments, of Accesso Partners.
“The
seller maintained both office buildings to the highest institutional standards
during its ownership,” says Zylberglait.
“Accesso, which has a nationwide
reputation for performing on acquisitions, showed us the firm is just as
diligent and deadline-conscious as a seller that understands the importance of
a seamless expedited transaction that does not disrupt the tenant base.”
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| Ron Hebert |
The
buildings are prominently located on Interstate 45 South with accessibility to
Loop 610, Beltway 8 and multiple destinations in the greater Houston area,
including downtown, the Texas Medical Center, the Port of Houston, Ellington
Field, NASA and Galveston.
Nearby William P. Hobby Airport is in the midst of a
$223 million expansion.
Constructed in 1983 and 1984 and renovated in 2010, the
buildings have benefited from Accesso’s long-term institutional ownership and
management and have received significant upgrades to the HVAC systems and
elevators, in addition to lobby treatments and membrane roofing systems.
The
property features on-site management, security and maintenance, an on-site deli
and controlled access systems to the buildings and parking area.
For a complete copy of the company’s news
release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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