Seller Richard Hope, developer and head of Hope Property Group in Brownsville, had 15 offers in six months for the new development at 2451 Pablo Kisel Road in Brownsville, Gavin Kam with Marcus & Millichap's Dallas office tells GlobeSt.com. The buyer, placing the highest offer, turned around proceeds from a 1031 Exchange in California and secured new debt to take the title, says Kam, who represented the seller while Marina Rossi, with the brokerage firm's Long Beach office, negotiated for the buyer.
Kam says the property has all the major features that attract investors: "a national tenant, class A location, a long-term lease with favorable rent bumps and a capitalization rate above 8%." The building sits on four acres in a dominant retail trade area with Sunrise Mall as the centerpiece.
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