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Houston developer buys two-year-old retail center

Marcus & Millichap announced the sale of Westover Plaza, a 50,962-square-foot shopping center in League City, Texas.

           

“We attracted a diverse pool of investors to this asset by highlighting the property’s strong demographics, prominent West Main Street location, and recent construction, among other attributes,” says Justin Miller, first vice president investments in Marcus & Millichap’s Houston office.

 

“The investment community continues to focus on these high demographic growth markets, as Houston’s increasing rooftops, affordable living, and strong cultural arts influences are calling young talent to these affluent neighborhoods,” adds Derek Hargrove, first vice president investments, also in the firm’s Houston office. “Our investment platform is ideal for connecting owners ready to capitalize on pent-up demand with investors eager to take advantage of these favorable conditions.”

 

Miller, Derek Hargrove, first vice president investments, and Davis Hansen, associate, represented the seller, a local developer. The buyer is a private investor.

 

Located at 6011 West Main St., the center is situated at the entry to Westover Park, an approximately 500-acre, 1,400-homesite neighborhood in League City. West Main Street is one of the city’s primary east/west thoroughfares. Average annual household income within a one-mile radius of the property exceeds $112,000.

 

Constructed in 2015 on almost six acres, Westover Plaza leased quickly to an appealing mix of tenants. Currently, major tenants include 5 Star Floors, Mr. Sombrero, Kinex Fitness, Dawn Donuts, A Lifetime of Learning, Bay Area Dental, Bella Oasis Pools and the Red Oak Café.

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