Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Cinco Ranch Plaza I, a 20,562-square foot retail property located in Katy, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.

Derek Hargrove, First Vice President Investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by James H. Bell, Senior Vice President Investments, and Watt Harrison, Senior Associate, in Marcus & Millichap’s Houston office.

“The buyer has traditionally purchased apartments and was looking to buy retail in order to obtain higher yields. This investor was drawn to the Cinco Ranch market because of strong population growth and high-income levels as well as the attractive existing loan that had to be assumed. With rising interest rates, the in-place financing made the cash on cash return attractive relative to what they achieve in the apartment market” says Watt Harrison.

Cinco Ranch Plaza I is located at 24124 Cinco Ranch Boulevard in Katy, Texas.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com