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SPRING, TX-A unique collection of turn-of-the-century buildings has sold to a Los Angeles-based individual investor. The four-building Gentry Square, totaling 20,000 sf, has brought $1.9 million.
The $2-million listing of 315 Gentry Ave. was sold by Houston-based Katja Ditmar Family Trust. "The buyer was the first to make an offer for Gentry Square," says Martin Vaughn, an investment specialist with Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office. He and colleague Paul Gardner brokered the transaction.
"We received a ton of interest because we had it listed at a 10 cap. That makes the phone ring," Vaughn says. He tells GlobeSt.com that the buyer, who was in a 1031 exchange from selling residential assets in Southern California, had never made a commercial real estate acquisition and was new to the Houston area. "He just fell in love with Gentry Square and was willing to do whatever it took to get it," he says.
Gentry Square is 100% occupied by small, local tenants including an antique store, ice cream shop and art gallery. "This is a stable cash flow investment," Vaughn says, noting there may be a small bit of upside with rents because they are about 5% below the $9 per sf market rate. The buyer obtained a loan for $760,000, according to Vaughn.
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