HOUSTON, Nov. 12, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 8866 and 8876 Gulf Freeway, two five-story multi-tenant office buildings totaling 178,410 square feet in Houston. The terms of the sale were not released.
Ron Hebert, vice president investments in Marcus & Millichap’s Dallas office, represented the buyer, a California-based investor in a 1031 exchange. Alex Zylberglait, first vice president investments in the firm’s Miami office and Christopher Jones, an associate in the firm’s Houston office, represented the seller, Accesso Partners LLC of Hallandale, Beach, Fla., formerly Beacon Investment Properties LLC.
“Our nationwide marketing platform generated multiple qualified offers for this asset,” says Jones.
“The investor that emerged with the winning bid is in an excellent position capitalize on the strong leasing velocity in Houston’s Gulf Freeway/Pasadena submarket,” adds Hebert.
“The buyer and its brokerage representatives were both proactive and responsive in this transaction, which resulted in a timely, smooth acquisition,” notes Ariel Bentata, co-founder and managing partner, investments, of Accesso Partners.
“The seller maintained both office buildings to the highest institutional standards during its ownership,” says Zylberglait. “Accesso, which has a nationwide reputation for performing on acquisitions, showed us the firm is just as diligent and deadline-conscious as a seller that understands the importance of a seamless expedited transaction that does not disrupt the tenant base.”
The commercial real estate assets are prominently located on Interstate 45 South with accessibility to Loop 610, Beltway 8 and multiple destinations in the greater Houston area, including downtown, the Texas Medical Center, the Port of Houston, Ellington Field, NASA and Galveston. Nearby William P. Hobby Airport is in the midst of a $223 million expansion.
Constructed in 1983 and 1984 and renovated in 2010, the buildings have benefited from Accesso’s long-term institutional ownership and management and have received significant upgrades to the HVAC systems and elevators, in addition to lobby treatments and membrane roofing systems. The property features on-site management, security and maintenance, an on-site deli and controlled access systems to the buildings and parking area.