The fully leased center, situated at 566 FM 1960 West in North Houston, was acquired by the seller four years ago. "They thought it was a good time to turn it," says James Bell with Marcus & Millichap's Houston office, who sold it to them and brought in a buyer again just as it was coming to market. "They bought it at a much higher cap rate than what it is today." Representing the seller, the Bhatia family partnership of nearby Humble, was Marty McAdams, an independent broker from Houston.
Bell says he took the deal to the partnership as soon as he heard Market Square was returning to the market. "I was familiar with it and had a buyer I thought would be interested in it," he tells GlobeSt.com. "And, they were."
Market Square, positioned along a major thoroughfare, has a full lineup of tenants: Mattress Giant, Quizno's, Smoothie King and SuperCuts in a mix of corporate-owned and franchise locations. Bell says the buying partnership borrowed acquisition capital from Column Financial Inc. of New York City for the one-acre property, assessed at $1.1 million by Harris County.
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