CONROE, TX-The 13,800-sf Conroe Place Shopping Center has been acquired by a Southern California investor.
According to Jerry Goldstein of Marcus & Millichap Real Estate Investment Brokerage Co.'s Houston office, who represented the seller, Conroe Park Place Center Ltd. of Houston, which got close to the $1.76-million ask for the 3401 W. Davis Rd. property. "We put it on the market and it very quickly attracted to exchange buyers," Goldstein tells GlobeSt.com. "Because of the aggressive nature of one of them, who came in, saw the property and committed quickly to a deal, we went with that buyer."
The 22-year-old center, sitting on 1.03 acres, is fully leased mainly to local tenants. The roster includes Armstrong McColl, MediClinic, Expert Nail, Hair Designers, Cryler's Corridors and Victorian Rose.
"The property was in excellent condition at closing," says Goldstein, who adds the buyer, represented by Marcus & Millichap's Newport Beach, CA office, won't need to do any upgrades. "The buyer is someone in the medical profession, who I think wanted to satisfy an exchange."
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