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| Nate Newman |
THE WOODLANDS, 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 242 Crossing, a
41,721-square-foot retail center in The Woodlands, Texas.
The exact terms of the sale were not released, however, the
asking price was more than $11,500,000.
Nate
Newman, an associate in The Woodlands office of Marcus & Millichap,
represented the seller, a well-established local developer.
“The
center sits at the southeast corner of Interstate 45 and FM 242 at the north
entrance to The Woodlands,” says Newman.
“It was highly desired by the undisclosed buyer, who wanted to control
the hard corner due to their plans for the surrounding development.”
“The
strategic nature of the parcel and keeping the identity of the buyer
confidential prior to closing added to the complexity of the transaction,”
Newman continues. “The property has benefited greatly from the large amount of
new development in the area, including the 385-acre, three-million-square-foot
ExxonMobil headquarters and the more than four million square feet currently
being developed in The Woodlands.”
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| The Woodlands development, Woodlands, TX |
The
center is located at 8000 Highway 242 in The Woodlands and is visible to more
than 248,000 cars per day. The St. Luke’s Hospital district is across the
interstate from the site. Annual median income in the area is $127,900.
For a complete copy of the company’s news
release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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