Located at 2225 Country Rd. 90, and situated on 1.4 acres in Brazoria County, the property was 100% occupied at time of closing. The tenant mix includes physicians, mortgage companies and a title company.
"The developer built it, leased it up, then decided to sell. The timing was right for him," says Ross Cannizaro of Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office. Cannizaro represented the seller in the transaction. Jonathan Giannola of Marcus & Millichap's Newport Beach office represented the out-of-state buyer.
Cannizaro tells GlobeSt.com that the property was listed for only two weeks and received multiple offers during that time. "We chose the buyer based on his strength and on the fact he was an exchange," he adds.
The buyer also assumed an already existing 10-year loan on the property, though details of the loan could not be obtained by press time. Cannizaro notes the loan was about 60% of the price, requiring the buyer to place approximately 40% down.
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