Don Stringham, investment specialist in Marcus & Millichap's Houston office, tells GlobeSt.com that the seller, bringing out the properties separately, insisted that the ask was met, resulting in a three-month run on the market before winning contracts were placed for properties with 6.8% cap rates. In both sales, the all-cash deals closed within 14 days of going under contract, he says.

The properties are a 5,100-sf eatery at 925 N. Wilcrest Dr. near the intersection with Katy Freeway and 2,708-sf restaurant at 6415 Richmond Ave. in the Galleria. Stringham says the Wilcrest Drive property went to Jean Monfort of San Francisco, who was the top bidder out of a field of five, while Richmond Avenue passed to Rancho Los Hermosos LP of L.A., besting five others to score the win.

Stringham says Monfort used 1031 Exchange capital from a multifamily sale in California to pick up the Houston deed and Los Ranchos turned around exchange funds from a retail sale in its home state.