About $1.2M Takes 9,000-SF Plaza

HOUSTON-The 9,000-sf Pan American Plaza in the elite southwest Houston neighborhood of Bellaire has sold for just south of the $1.2-million price tag.

The transaction for the 6502 Bellaire Blvd. strip center included inventory and operations of a 99-Cent store, Brad Bailey with the Houston office of Marcus & Millichap tells GlobeSt.com. The 100%-occupied complex’s title passed from a Houston family to another Houston private investor, who owns other investment properties in the region.

Bailey and Marcus & Millichap’s Jerry Goldstein negotiated the sale. Bailey says the property garnered 13 offers in the six months it was on the market. The “best and final” process was narrowed to five offers, he says.

Bailey says the listing was an easy sale because it is fairly new–built in 1999–and has a coveted Bellaire address. Nearly all retail developments in the area are 100% leased and many have waiting lists, he adds. Pan American Plaza, a “mom and pop” center, has seven spaces open ranging from 900 sf to 1,500 sf.