PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Sommer Bukowski
PMRG | PM Realty Group
713.209.5810 (office)
214.621.3317 (cell)
sbukowski@pmrg.com
Sommer Bukowski
PMRG | PM Realty Group
713.209.5810 (office)
214.621.3317 (cell)
sbukowski@pmrg.com
FOR IMMEDIATE RELEASE
Jul 9, 2007
PM REALTY GROUP BROKERS SALE OF ESTABLISHEDRETAIL CENTER IN HOUSTON
HOUSTON, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, recently brokered the sale of a retail shopping center in Houston known as Mission Centre.
The one-story retail property is located 17 miles west of downtown Houston at the intersection of Beechnut Street and Highway 6, near West Oaks Mall. It encompasses 112,971 square feet of rentable space situated on 9.367 acres. It is home to major tenants, such as Burger King, Dollar General, Omega Cleaners and Pride ‘N Star Children's Learning Center.
Stephannie Mower, PMRG's executive vice president and managing director of investment services, represented CWCapital in the sale that closed earlier this month. The center sold at a 6.11 percent cap rate.
“Mission Centre was an attractive, value-add, stable investment opportunity in one of the nation's fastest growing primary markets,” said Mower. “It is surrounded by a population density that provides more than billion in annual retail sales. An existing, diverse tenant mix provides income to support any repositioning strategy. With little competing Class A retail space existing in the submarket, the property is a prime candidate for redevelopment.”
About PM Realty Group
Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 21 divisional and regional offices that conducts business in every major state.With more than 50 years of experience, PMRG provides services to a portfolio valued in excess of $30 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers.
PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs.