Marcus & Millichap Closes Houston Shopping Center Sale
- Feb 08, 2017
Houston—Marcus & Millichap announced the sale of a portion of Sienna Village, a 225,000-square-foot grocery-anchored shopping center in Houston. The company sold a 96 percent occupied, 91,569-square-foot portion of the property.
The shopping center was built in two phases, in 2009 and 2015, and encompasses seven buildings on 11.6 acres. Tenants include a mix of retail and medical services such as Memorial Hermann, UT Physicians, Leslie’s Pool Supplies, Mattress One, Papa Murphy’s, Sport Clips and Which Wich. It is located at the intersection of Highway 6 South and Sienna Parkway.
“Through our national buyer network, we contacted entrepreneurial-minded investors who could appreciate Sienna Village’s forward-thinking retail and medical tenant mix,” says Derek Hargrove, first vice president of investments with Marcus & Millichap’s Houston office, in prepared remarks. “The center takes full advantage of the growing trend of medical tenants targeting high-income suburban neighborhoods, which put it outside of some traditional retail investors’ strict acquisition guidelines but increased its appeal for buyers with more wide-ranging investment criteria.”
Image courtesy of Memorial Hermann