Florida Seller Sells The Shoppes at Town Square in Deer Park to Local 1031 Exchange Investor
Northmarq brokered the sale of The Shoppes at Town Square, an 11,692-square-foot retail center in Deer Park, Houston, with financing arranged by Northmarq.
In a recent transaction, Northmarq successfully brokered the sale of The Shoppes at Town Square, a retail center located at 3811 Center Street in Deer Park, Houston. The property, spanning 11,692 square feet, was sold by a Florida-based seller to a local 1031 exchange investor. The deal was facilitated by Northmarq, a leading commercial real estate investment firm.
The Shoppes at Town Square is a well-established retail center in the Deer Park market. With its prime location and strong tenant mix, the property has been a sought-after investment opportunity for both local and out-of-state investors. The retail center offers a diverse range of retail options, including popular national and local brands.
The buyer, a local 1031 exchange investor, was attracted to the property due to its potential for long-term growth and stable cash flow. The investor, utilizing a 1031 exchange, was able to defer capital gains taxes by reinvesting the proceeds from the sale of a previous property into The Shoppes at Town Square. This tax advantage, combined with the property’s attractive features, made it an ideal investment for the buyer.
Financing for the transaction was arranged by Northmarq, further showcasing the firm’s expertise in commercial real estate finance. Peters and Michael Borden, mortgage brokers at Northmarq, worked closely with the buyer to secure the necessary funding for the acquisition. Their extensive knowledge of the local market and strong relationships with lenders allowed them to negotiate favorable terms for the buyer.
The sale of The Shoppes at Town Square is indicative of the strong demand for retail properties in the Deer Park market. Despite the challenges faced by the retail sector in recent years, well-located and well-managed properties continue to attract investors. The property’s location on Center Street, a major thoroughfare in Deer Park, ensures high visibility and easy accessibility for both customers and tenants.
Riley Sharman, a broker at Northmarq, played a key role in facilitating the transaction. With their deep understanding of the local market and extensive network of buyers and sellers, Sharman was able to connect the Florida-based seller with the local 1031 exchange investor. Their expertise in deal structuring and negotiation ensured a smooth and successful transaction for both parties.
Overall, the sale of The Shoppes at Town Square highlights the continued strength of the retail sector in the Deer Park market. With its prime location, strong tenant mix, and attractive investment features, the property is well-positioned for long-term success. The involvement of Northmarq, both as the broker and mortgage arranger, further demonstrates the firm’s expertise and capabilities in the commercial real estate industry.