Martin O'Malley with Colliers International in Houston tells GlobeSt.com that the buyer, PAK 56 LLC, turned around 1031 Exchange proceeds from the sale of a multifamily property. O'Malley and Colliers' David M. Butler represented the seller, Pirate Plaza Ltd., a Houston-based developer. The shopping center, renovated in 1999, was on the market about nine months for $1.2 million.
O'Malley says several offers rolled in for the holding, which has a stable tenant roll with 100% occupancy. The roster includes Dollar General and the Texas Workforce Commission. Butler believes the buyer is planning a long-term hold for a 1.4-acre property with a 2003 assessment of $401,773 by Harris County.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
