Tuesday, October 19, 2010

Marcus & Millichap Sells Upscale Houston Auto Dealership for $11 Million

 HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a Jaguar/Land Rover automobile dealership (top left photo) in Houston.

The sales price for the 7.53-acre, single-tenant net-leased asset was $11 million.

            Christopher Maling, a first vice president investments and David Maling, a vice president investments, both in the Los Angeles office of Marcus & Millichap, represented the seller, a Texas-based developer.

          James Mitchell, a senior associate in the Washington, D.C. office, represented the buyer, a Charlotte, N.C. publically traded corporation. Brent Smith (middle right photo), regional manager of the firm’s Houston office, also provided representation in this transaction.

            “This sale highlights Marcus & Millichap’s ability to source investment capital from a nationwide pool utilizing our network of more than 1,200 agents to match the unique needs of our seller with the right buyer,” explains Christopher Maling.

           “As representatives of a Texas-based developer, David and I worked with our firm’s automotive investment specialist in Washington, D.C., James Mitchell, to procure the most qualified buyer for this asset, an entity based in Charlotte, N.C.

        “With in-place assumable financing at a 9.2 percent cap rate and a levered 8.4 percent cash-on-cash return, this upscale property – in a prime West Houston location – was an excellent investment for this prudent buyer,” adds Christopher Maling.

            Located at 18205 Interstate 45 North, the 37,646 square-foot Jaguar/Land Rover Dealership is a single-tenant retail property. The dealership is currently leased on a 12-year, triple-net basis guaranteed by Sonic Automotive Inc., the third largest automotive group in the United States.

        Houston, which encompasses approximately 1,000 square miles, is one of Texas’ fastest-growing communities.

        The business-friendly city offers companies and residents access to the largest port in the United States, the largest medical center in the world, the Texas Medical Center (middle left photo),  and more energy-industry corporate headquarters than anywhere in the world.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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