Marty McAdams regional manager of Marcus & Millichamp, tells GlobeSt.com that the client mix at the 16-year-old shopping center, its NASA neighbor and the stable Houston economy have sealed the deal for First Allied. Herzog & Sons of Denver are the sellers of the property.
One of the center's anchor tenants is Hollywood Video which, says McAdams, is "located at the back door of NASA." Other lead tenants are Petco, Autozone, Hobby Club, ITT Training, Sweet Mesquite and Jack in the Box. Jerry Goldstein of Marcus & Millichap had been the lead broker for the deal.
McAdams says out-of-state interest in Houston real estate investments are at an all-time high. He estimates up to 40% of his transactions and property queries come from out-of-state investors.
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