In crafting the latest deal, Marcus & Millichap retail brokers in Dallas and Fort Lauderdale have delivered a 20-year lease with an "A-plus tenant" in a "class A" location along US Highway 3 in La Marque near Galveston, Gavin Kam, with the firm's national retail group in Dallas, tells GlobeSt.com. From the listing to the closing, the deal took 60 days. Three offers went on the table with the largest check and the one closest to the asking price of $4 million-plus making the close. A Houston developer, whose name Kam closely guards, sold the two-acre asset after a three-year hold in a community favored by the retirement crowd.
Kam secured the buyer and then worked the seller's side of the deal with Lori Schneider in the firm's national retail group in Fort Lauderdale. The limited partnership buyer, he says, has been set up solely to acquire class A, single-tenant retail properties. Kam's also holding a contract on a 15,120-sf Walgreens in nearby Seabrook that will mark the fourth sale--when it's done--in recent months for the Houston developer.
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