westheimer-lakes-ii-richmond-tx

Marcus & Millichap Negotiates Sale of 52,567 SF Retail Center in Richmond, Texas

by Amy Works

RICHMOND, TEXAS — Marcus & Millichap has arranged the sale of Westheimer Lakes II, a retail shopping center located at 26440 FM 1093 Road in Richmond. At the time of sale, the 52,567-square-foot property was 94 percent leased to a variety of tenants, including Yes Kids, Pizza Hut, Handlebar Cyclery, Aquatic Rehab, State Farm and Bright Orthodontics.

Watt Harrison, James Bell, Gus Lagos and Evan Altemus of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the undisclosed buyer.

Additionally, Jeffery Duke, also of Marcus & Millichap, arranged a $7.5 million non-recourse, CMBS loan for the acquisition of the property. The final loan features a five-year term, fixed interest rate and a 30-year amortization schedule.

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