Press Releases
Marcus & Millichap Announce the Sale of Pearland Business Park, a Mixed-Use, Three Property Portfolio in Pearland, Texas
January 16, 2024
PEARLAND, Texas, January 16, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pearland Business Park, a 98% leased, mixed-use, three property portfolio. The asset sold for $7,020,000.
“This asset featured a multitude of different uses including retail, industrial and storage so it was trickier to find the right buyer comfortable with the different asset classes,” commented Cory Gross. “Through an extensive marketing effort, we ultimately yielded multiple offers and closed with a California based all-cash fund purchaser. The property is 100% occupied by a strong mix of regional and local tenant and has exceptional visibility and access to Broadway Street. It should be a great core asset for the purchaser long-term.”
Gross, first vice president investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tim Speck, broker of record for Texas, assisted in closing this transaction.
Pearland Business Park is located at 1329 East Broadway Street in Pearland, Texas. The three industrial and retail buildings sit on 2.47 acres and total 35,597 square feet.
“This asset featured a multitude of different uses including retail, industrial and storage so it was trickier to find the right buyer comfortable with the different asset classes,” commented Cory Gross. “Through an extensive marketing effort, we ultimately yielded multiple offers and closed with a California based all-cash fund purchaser. The property is 100% occupied by a strong mix of regional and local tenant and has exceptional visibility and access to Broadway Street. It should be a great core asset for the purchaser long-term.”
Gross, first vice president investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tim Speck, broker of record for Texas, assisted in closing this transaction.
Pearland Business Park is located at 1329 East Broadway Street in Pearland, Texas. The three industrial and retail buildings sit on 2.47 acres and total 35,597 square feet.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
