Wanna Buy in The Woodlands?
Although very few deals trade in The Woodlands (largely thanks to The Woodlands Development Corp's involvement) Marcus & Millichap just sold three properties and has a lot more coming to market this year. (They've broken the code!)
Marcus & Millichap’s Derek Hargrove and Justin Miller repped seller The Marcel Group in two transactions in The Woodlands proper, 3000 Research Forest (a 28k SF mixed-use property) and Marcel Crossing II (a 27k SF retail center). They tell us The Woodlands Development Corp had right of first offer on both properties, which made potential buyers anxious. But the assets still received international interest as the team procured five to 10 offers on each. (The Woodlands favors the bold.) 3000 Research Forest (just west of Hughes Landing) was listed at $8.5M and generated multiple offers before selling to a local private investor. Marcel Crossing II was listed at $7.1M and garnered attention from domestic and international investors as well, eventually closing to an out-of-state LLC. Justin says both got premiums on pricing that they wouldn't have expected even two years ago.
Derek and Nate Newman also closed Tuscan Village, a 15k SF Class-A shopping center right on the cusp of The Woodlands' boundaries. It also garnered a lot of interest from buyers who want to be close to The Woodlands, and closed all-cash to an international investor within eight days. Nate tells us product for sale has been scarce in The Woodlands for years, but it's picking up due to high prices, the ExxonMobil Effect, and liquidity in the capital markets. (That's why Marcus & Millichap opened an office up there a year ago.) He's bringing two Woodlands properties to market in two weeks, and the trio tells us they have lots of opportunities in their pipeline for the next year. (Get your pocketbooks ready!)