$23.2 Million Suburban Houston Shopping Center Comes to Market

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).

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