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| Riley Sharman |
HOUSTON, TX—Riley
Sharman, vice president in Northmarq’s Houston office, has completed the
sale of an eight-tenant medical and retail strip center located at 827 Magnolia
Boulevard in Magnolia, Texas. The price was not disclosed.
The 16,700-square-foot building is fully leased
to a diverse mix of strong medical and service-oriented tenants.
Sharman represented the seller, a local owner. A
1031 exchange buyer based in Dallas-Fort Worth, Texas acquired the asset.
“The dental partners that I represented were
able to maximize value by exercising a ‘partial sale-leaseback’ for their
practices, and we ultimately provided them the opportunity to capitalize on a
sale to an all-cash, buyer exercising a 1031 tax deferred exchange,” said
Sharman.
“The interest and offer activity were high due
to the long-term leases, strong lease guarantors, and extra acreage behind the
strip center for future development, to name a few.
"This transaction demonstrates the increase
in investor demand for multi-tenant medical strip centers we’re seeing
throughout the Houston MSA and especially in high-growth areas like Magnolia."
The facility was built in 2012 and is situated
on 7.66 acres in the city of Magnolia, an outdoor paradise of biking, hiking,
golf, and more approximately 45 miles northwest of Houston.
Just across the street from the property is a
proposed Magnolia Ridge Development which will bring over 200 homes to one of
the best public-school districts in Texas.
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Magnolia Health and Wellness Center,
827 Magnolia Boulevard, Magnolia, TX. |
With excellent visibility and multiple access
points, Magnolia Health and Wellness Center boasts prime frontage on
Magnolia Boulevard, seeing over 14,000 vehicles per day.
Tenants include Hillwood Family Dental Group,
Simple Traditions Family Health, Hanigan & Johnson Orthodontics, and
Endodontics of Houston.
Contact:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
david@ebelingcomm.com
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”
www.Northmarq.com.
