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| Garrette Matlock |
HOUSTON,
TX, June 17, 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 Cypresswood Kroger Center, a
34,730-square-foot retail center located in northwest Houston.
The
center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of
the sale. The terms of the sale were not released.
Garrette Matlock, senior
vice president investments in the firm’s Denver office and James Bell,
vice president investments in Marcus & Millichap’s Houston office,
represented the seller, AMG Guaranty Trust.
“We generated interest from
investors nationwide and received offers from both coasts, Texas, and points in
between,” says Matlock. “The new owner is a private investor based in
California.”
“Shadow-anchored by one of the
country’s most successful grocery store operators, the Cypresswood Kroger
Center is well positioned to provide long-term stability for its small shops
and pads and a steady stream of income for the new owner,” adds Bell.
 |
| James Bell |
The property is located at the
signalized intersection of Texas State Highway 249, Tomball Parkway, and
Cypresswood Drive at 19724 State Highway 249 in Houston.
The center can be accessed from multiple
access points on both arteries. A Lowe’s home improvement store is across from
the property on Cypresswood Drive and a CVS/pharmacy and a Sonic restaurant are
across from the center on Tomball Parkway.
At the time of the sale, the
Cypresswood Kroger Center was approximately 95 percent occupied. Major tenants
include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway,
Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House.
All
of the leases are triple-net.
For a
complete copy of the company’s news release, please contact:
Gina
Relva,
Public
Relations Manager
(925)
953-1716
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