Northmarq’s Houston office brokers 1031 exchange of The Shoppes at Town Square
HOUSTON (July 6, 2023) — Northmarq’s Riley Sharman, vice president, arranged the sale of a 11,692 sq. ft. shopping center located at 3709 Center St in Deer Park, Texas. At the time of sale, the strip center was leased to five tenants. Sharman represented the seller, a Florida-based private investor. A local investor purchased the property in a 1031 exchange. Northmarq’s Houston debt and equity team of Larry Peters and Michael Borden secured financing for the buyer.
“The seller was able to beneficially exercise a tax-deferred exchange and diversify his portfolio by acquiring assets in the Southeastern U.S.,” said Sharman. “One interesting factor was the limited inventory of retail strips for sale in this submarket, and my team was able to produce multiple offers for the seller.”
The Shoppes at Town Square is situated southeast of downtown Houston and off the highly trafficked intersection of Center Street and East Pasadena Boulevard, which sees over 24,000 cars per day. The property is 75 percent occupied by a restaurant and other service-oriented tenants and adjacent to a 264-unit multifamily community. The Shoppes at Town Square benefits from the surrounding five-mile retail trade area with neighboring national tenants such as Starbucks, CVS Pharmacy and Planet Fitness.
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