LAREDO, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Independence Plaza, a 320,352-square-foot grocery-anchored power center in Laredo. The terms of the sale were not released.
James Bell, a vice president investments in Marcus & Millichap’s Houston office, represented the seller, a Texas-based limited partnership. The buyer is a publicly traded REIT.
“We sourced and vetted a diverse buyer pool for this asset that included institutional, foreign and private investors,” says Bell. “Our client selected the buyer on the merits of their shopping center industry success and expertise.”
“Independence Plaza is the dominant shopping center in Laredo, drawing numerous shoppers from Mexico,” adds Bell. “The center also has a vacant pad that can be developed for additional junior anchors.”
Built by the seller in phases between 2007 and 2013 on 39.6 acres, the property is located at 1911 Bob Bullock Loop just off Interstate 35 in Laredo, Texas.
The grocery anchor is a 147,324-square-foot H-E-B Plus. Other major tenants include T.J. Maxx, Hobby Lobby, Ross, Ulta, Petco, Wells Fargo and Chili’s.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.