PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Jul 9, 2007

PM REALTY GROUP BROKERS SALE OF ESTABLISHED RETAIL 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 PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.