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| The Villagio at Cinco Ranch, 22764 Westheimer Parkway Katy, TX |
KATY, 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 The Villagio at Cinco Ranch,
an 111,963-square-foot lifestyle shopping center in Katy, Texas.
The asset had a list price of $31,290,000; however, the
terms of the sale of were not released.
Derek Hargrove, senior associate, and Justin
Miller, vice president investments, had the exclusive listing to market the
property on behalf of the seller, The Marcel Group.
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| Derek Hargrove |
Based in The
Woodlands, Texas, The Marcel Group has developed and sold more than a million
square feet of retail and office projects.
The group is an integrated
commercial real estate firm specializing in development, construction, design,
engineering, master planning, leasing and property management.
“At the
time of the sale, The Villagio at Cinco Ranch was 89 percent occupied,” says
Miller.
“We received interest locally, nationally and internationally, due in
large part to the property’s Class A location in the high-demographic,
master-planned community of Cinco Ranch.”
“The seller ultimately selected an international buyer
because of his aggressive pursuit of the property,” adds Hargrove.
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| Justin Miller |
Built in 2007 on almost eight
acres, the property is located at 22764 Westheimer Parkway in Katy, Texas, an
affluent high-growth residential submarket on the west side of the Houston MSA.
The average annual household income within a one-mile radius is $162,000 and
more than 205,000 people live within five miles.
Other major retail
destinations in the immediate area include the recently constructed La Centerra
at Cinco Ranch, a 34-acre Main Street-style mixed-use development.
The Villagio
at Cinco Ranch’s tenants include Italian restaurant 3 Olives, The Public House,
Charter Title Company, Steeplechase Pediatric Center, Keller Williams and De
Vero Salon & Day Spa.
For a complete copy of the company’s news
release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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