REBusinessOnline

Matthews Brokers $5.5M Sale of New Retail Property in Houston Leased to Regions Bank

A high-net-worth individual purchased the Regions Bank branch in Houston's Westchase District at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record.

HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.

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