Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Richland Square, a 13,510-square foot retail property located in North Richland Hills, Texas, according to Mark R. McCoy, Regional Manager of the firm’s Fort Worth office.
Bill G. Jordan, First Vice President Investments in Marcus & Millichap’s Fort Worth office, and Steven McClendon, Associate in Marcus & Millichap’s Brooklyn office, exclusively marketed the property on behalf of the seller, a partnership. The buyer, a private investor, was also secured by Mr. Jordan and Mr. McClendon.
Richland Square is located at 7915-7927 Grapevine Highway in North Richland Hills, Texas. The shopping center is 100 percent leased with a complementary mix of corporate and local tenants. The center is located strategically off of Loop 820, just one mile West of North East Mall.
Specifically, the center is off Grapevine Highway where traffic counts exceed 22,000 vehicles per day. As a city, North Richland Hills has seen a rapid rate of growth within the last five years and is expected to almost double in population by 2022. Additionally, the average household income is over $87,000. Surrounding retailers in the immediate area include Nordstrom, Red Lobster, Olive Garden, Home Zone Furniture, Sushi Axiom, Chuck E. Cheese and many more.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
